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Prepare journal entries required on July for Oriole

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Reference no: EM132571732

Question - The following information relates to Oriole Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $17,720. During the month of July, Oriole recorded cash receipts of $21,790 and cash payments of $26,650 in the general ledger Cash account. At July 31, Oriole Limited had an reconciled cash balance of $16,633. An examination of the company's July bank statement shows a balance of $19,573 on July 31; outstanding cheques $3,943; deposits in transit $1,763; EFT collections on account that were not yet recorded on the books $2,190; NSF cheque $1,250; NSF fee $70; and bank services charges $110.

Required - Prepare the necessary journal entries required on July 31 for Oriole.

Reference no: EM132571732

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