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Question - The following information relates to Cullumber Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $20,320. During the month of July, Cullumber recorded cash receipts of $23,270 and cash payments of $24,860 in the general ledger Cash account. At July 31, Cullumber Limited had an reconciled cash balance of $16,634. An examination of the company's July bank statement shows a balance of $19,574 on July 31; outstanding cheques $3,944; deposits in transit $1,764; EFT collections on account that were not yet recorded on the books $2,189; NSF cheque $1,251; NSF fee $69; and bank services charges $109.
Required - Prepare the necessary journal entries required on July 31 for Cullumber.
to record EFT collections on account
to record bank service charges
to record NSF cheque and fee
She sold it on October 15, year 7, for $240,000. What amount of loss from the sale is recognized on her year 7 income tax return
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