Question - The following information pertains to Ivanhoe Company.
1. Cash balance per bank, July 31, $8,038.
2. July bank service charge not recorded by the depositor $54.
3. Cash balance per books, July 31, $8,074.
4. Deposits in transit, July 31, $3,410.
5. $2,726 collected for Ivanhoe Company in July by the bank through electronic funds transfer. The collection has not been recorded by Ivanhoe Company.
6. Outstanding checks, July 31, $702.
Prepare a bank reconciliation at July 31, 2017.
Journalize the adjusting entries at July 31 on the books of Ivanhoe Company.