Answer:
A. Adjusted cash balance per bank $10,053
Adjusted cash balance per book $ 10,053
B. July 31
Dr Cash $ 2,376
Cr Accounts Receivable $ 2,376
July 31
Dr Bank service charge $47
Cr Cash $ 47
Explanation:
Preparation of Bank Reconciliation
31-Jul-22
SUNLAND COMPANY
Cash Balance per bank statement $7,688
Add: Deposit in transit $ 3,060
$ 10,748
Less: Outstanding checks $ 695
Adjusted cash balance per bank $ 10,053
Cash balance per books $ 7,724
Add: Electronic fund transfer received $2,376
$10,100
less; Bank service charge $ 47
Adjusted cash balance per books $10,053
B. Preparation of Journal entry
July 31
Dr Cash $ 2,376
Cr Accounts Receivable $ 2,376
(To record electronic fund transfer received by bank)
July 31
Dr Bank service charge $ 47
Cr Cash $ 47
(To record bank service charges )
