Using the data in BE7-11, prepare the adjusting entries required on July 31 for Southco Limited.

In BE7-11

At July 31, Southco Limited had an unadjusted cash balance of $16,320. An examination of the 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.