Answer:
1. Adjusted cash balance per bank $13,760
Adjusted cash balance per books $13,760
2. Jul-31
Dr Cash $2,560
Cr Notes Receivable $2,560
Jul-31
Dr Miscellaneous Expense $64
Cr Cash $64
Explanation:
1. Preparation of a Bank reconciliation statement
at July 31, 2022
CRANE COMPANY
Bank Reconciliation
July 31,2022
Cash balance per bank statement $11,136
Add: Deposits in transit $4,544
Less: Outstanding checks ($1,920)
Adjusted cash balance per bank $13,760
Cash balance per books $11,264
Add: Electronic Funds transfer Received $2,560
Less: Bank service charge ($64)
Adjusted cash balance per books $13,760
2. Preparation of the adjusting journal entries at July 31 on the books of Crane Company.
Jul-31
Dr Cash $2,560
Cr Notes Receivable $2,560
Jul-31
Dr Miscellaneous Expense $64
Cr Cash $64
