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ANEK [815]
3 years ago
10

The following information pertains to Crane Video Company:1. Cash balance per bank, July 31, $7,263.2. July bank service charge

not recorded by the depositor $28.3. Cash balance per books, July 31, $7,284.4. Deposits in transit, July 31, $1,300.5. Bank collected $700 note for Crane in July, plus interest $36, less fee $20. The collection has not been recorded by Crane, and no interest has been accrued.6. Outstanding checks, July 31, $591.A. Prepare a bank reconciliation at July 31.B. Journalize the adjusting entries at July 31 on the books of Crane Video Company.
Business
1 answer:
My name is Ann [436]3 years ago
5 0

Answer:

A. Prepare a bank reconciliation at July 31.

                                        Crane Video Company

                                             Bank Reconciliation

                                                        July 31

Cash balance per bank statement                             $7,263

Add: Deposits in transit                                                 1300

                                                                                      8,563

Less: Outstanding checks                                              591

Adjusted cash balance per bank                                $7,972

Cash balance per books                                             $7,284

Add: Collection of N/R ($700 plus

accrued interest $36 less collection

fee $20)                                                                          716

                                                                                       8,000

Less: Bank service charge                                               28

Adjusted cash balance per books                               $7,972

B. Journalize the adjusting entries at July 31 on the books of Crane Video Company.

The adjusting entry would be,

Date           Account Title                         Debit        Credit

Jul 31         Cash                                         716

                 Miscellaneous Expense           20

                 Notes Receivable                                         700

                 Interest Revenue                                            36

(to record Collection of N/R ($700 plus accrued interest $36 less collection fee $20)

31              Miscellaneous Expense            28

                 Cash                                                                28

(to record bank service charge)

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The quantity theory of money is a theory of how A) the money supply is determined. B) interest rates are determined. C) the nomi
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C) the nominal value of aggregate income is determined

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3 years ago
Boron company has net sales of $60,000; beginning inventory of $7,000; purchases of $35,000 and ending inventory of $5,000. The
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Net sales for the Boron Company were $60,000, with $7,000 in beginning inventory, $35,000 in purchasing, and $5,000 in ending inventory. $37,000 is the cost of the sold goods.

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1 year ago
In a catalog a coat was on sale for $65.55 this week. It regularly sells for $77.77. If the sales tax is 6% and shipping is belo
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$14.96

Explanation:

Shipping and handling charges are attached.

Given: Discounted price= $65.55.

           Regular sales price= $77.77

           Sales tax= 6%.

Now, find the cost of coat after tax.

Cost of coat= 77.77+(77.77\times 6\%)

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Hence, cost of coat after tax and shipping charges= $91.39.

Next finding total cost of coat if sold at discount after tax.

Cost of coat at discounted price after tax= 65.55+(65.55\times 6\%)

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⇒ Cost of coat at discounted price after tax= \$ 69.48

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Hene, Total saving by ordering coat at the sale price is $14.96

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