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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
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