Using the data in BE7-10, prepare the adjusting entries required on July 31 for Southco.

Data from BE 7-10

Using the data in BE7–9, determine or calculate the unadjusted cash balance for Southco Limited. An examination of the company’s July bank statement shows a balance of $15,840 on July 31; outstanding cheques $2,300; deposits in transit $4,300; EFT collections on account $1,960 that were not yet recorded on the books; NSF cheque $290; NSF fee $80; and bank services charges $70. Prepare the bank reconciliation at July 31.