Problem 7-5A (Part Level Submission) On July 31, Ivanhoe Ltd. had a cash balance of...
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Problem 7-5A (Part Level Submission) On July 31, Ivanhoe Ltd. had a cash balance of $12,653 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $21,518. A comparison of the bank statement with the Cash account revealed the following: 1. The bank statement included service charges and credit card fees of $117. 2. The bank statement included electronic collections from customers on account totalling $5,271. Ivanhoe had not recorded the EFT. 3. A deposit of $3,108 made by another company was incorrectly added to Ivanhoe's account by the Caisse Populaire. 4. Salaries of $4,221 were paid electronically during the month. The company has already recorded these. 5. Cheques outstanding on June 30 totalled $2,747. Or these, $2,144 worth cleared the bank in July. All cheques written in July cleared the bank in July. (a) Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) IVANHOE LTD. Bank Reconciliation July 31 Attempts: 0 of 2 used
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