Question - The following information pertains to Family Video Company.
1. Cash balance per bank, July 31, $8,228.98.
2. July bank service charge not recorded by the depositor $31.72.
3. Cash balance per books, July 31, $8,252.77.
4. Deposits in transit, July 31, $1,699.50.
5. Bank collected $1,019.70 note for Family in July, plus interest $40.79, less fee $22.66. The collection has not been recorded by Family, and no interest has been accrued.
6. Outstanding checks, July 31, $669.60.
Required -
Prepare a bank reconciliation at July 31.
Journalize the adjusting entries at July 31 on the books of Family Video Company.