Business, 18.03.2021 01:10 simeragrundy14

The following information pertains to Cullumber Company. 1. Cash balance per bank, July 31, $11,310.
2. July bank service charge not recorded by the depositor $65.
3. Cash balance per books, July 31, $11,440.
4. Deposits in transit, July 31, $4,615.
5. $2,600 collected for Cullumber Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Cullumber Company.
6. Outstanding checks, July 31, $1,950.

Required:
Journalize the adjusting entries at July 31 on the books of Cullumber Company.

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Answer from: SapphireWolf

Dr Bank charge $65

Cr Cash/Bank account $65

Being entries to recognize bank charge for the month

Dr Cash/Bank Account $2,600

Cr Accounts receivable $2,600

Being entries to recognize settlement of receivable due from Cullumber Company

Explanation:

Considering the transactions

2. July bank service charge not recorded by the depositor $65. - this will be recognized as a debit to bank charges account and a credit to the cash/bank account

4. Deposits in transit, July 31, $4,615. - This would have been recognized in the books but may not have been recorded by the bank hence no entries are required in the books.

5. $2,600 collected for Cullumber Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Cullumber Company. - This will be recognized as a debit to cash/bank account and a credit to receivables

6. Outstanding checks, July 31, $1,950. - This would have been recognized in the books but may not have been recorded by the bank hence no entries are required in the books.

Answer from: Quest

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

Answer from: Quest

False according to edgenuity

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The following information pertains to Cullumber Company. 1. Cash balance per bank, July 31, $11,310...

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