The following information pertains to Sunland Company. 1. Cash balance per books, August 31, $7,424. 2....

   

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The following information pertains to Sunland Company. 1. Cash balance per books, August 31, $7,424. 2. Cash balance per bank, August 31, $7,388. 3. Outstanding checks, August 31, $695. 4. August bank service charge not recorded by the depositor $47. 5. Deposits in transit, August 31, $3,060. In addition, $2,376 collected for Sunland Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Sunland Company. Prepare a bank reconciliation at August 31, 2022. (List items that increase balance as per bank & books first.) Add SUNLAND COMPANY Bank Reconciliation August 31, 2022 Cash balance per bank statement Bank service charge Less : Collection on electronic funds transfer Adjusted cash balance per bank Cash balance per books Add : Outstanding checks Less : Deposits in transit Adjusted cash balance per books $ $ 7388 47 7435 2376 5059 7424 695 8119 3060 5059 Journalize the adjusting entries at August 31 on the books of Sunland Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation August 31 Accounts Receivable August 31 (To record electronic funds transfer received by bank) (To record bank service charge) Debit Credit The following information pertains to Sunland Company. 1. Cash balance per books, August 31, $7,424. 2. Cash balance per bank, August 31, $7,388. 3. Outstanding checks, August 31, $695. 4. August bank service charge not recorded by the depositor $47. 5. Deposits in transit, August 31, $3,060. In addition, $2,376 collected for Sunland Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Sunland Company. Prepare a bank reconciliation at August 31, 2022. (List items that increase balance as per bank & books first.) Add SUNLAND COMPANY Bank Reconciliation August 31, 2022 Cash balance per bank statement Bank service charge Less : Collection on electronic funds transfer Adjusted cash balance per bank Cash balance per books Add : Outstanding checks Less : Deposits in transit Adjusted cash balance per books $ $ 7388 47 7435 2376 5059 7424 695 8119 3060 5059 Journalize the adjusting entries at August 31 on the books of Sunland Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation August 31 Accounts Receivable August 31 (To record electronic funds transfer received by bank) (To record bank service charge) Debit Credit

Answer rating: 100% (QA)

Prepare bank reconciliation at August 31 2022 as follows ... View the full answer