Question - The following information pertains to Crane Video Company.
1. Cash balance per bank, July 31, $8,003.
2. July bank service charge not recorded by the depositor $36.
3. Cash balance per books, July 31, $8.024.
4. Deposits in transit, July 31, $1,870.
5. Bank collected $1,270 note for Crane in July, plus interest $44, less fee $28. The collection has not recorded by Crane, and no interest has been accrued.
6. Outstanding checks, July 31, $599.
Required - Journalize the adjusting entries at July 31 on the books of Crane Video Company.