In: Accounting
The following information pertains to Cullumber Company.
1. Cash balance per books, August 31, $7,424.
2. Cash balance per bank, August 31, $7,388.
3. Outstanding checks, August 31, $701.
4. August bank service charge not recorded by the depositor $53.
5. Deposits in transit, August 31, $3,360.
In addition, $2,676 collected for Cullumber Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Cullumber Company.
Prepare a bank reconciliation at August 31, 2022. (List items that increase balance as per bank & books first.)
Journalize the adjusting entries at August 31 on the books of Cullumber Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)