Question

Exercise 8-11 a-b (Part Level Submission) (Video) The following information pertains to Sheffield Video Company 1. Cash balance per bank, July 31, $7,723 2. July bank service charge not recorded by the depositor $34. 3. Cash balance per books, July 31, $7,744 4. Deposits in transit, July 31, $1,730. 5. Bank collected $1,130 note for Sheffield in July, plus interest $42, less fee $26. The collection has not been recorded by Sheffield, and no interest has been accrued. 6. Outstanding checks, July 31, $597 (a) Prepare a bank reconciliation at July 31. (List items that increase cash balance first.) SHEFFIELD VIDEO COMPANY Bank Reconciliation

Answer 1

Bank reconciliation

Cash balance per bank, July 31,	7,723
Deposit in transit	1,730
	9,453
Outstanding checks	-597
Adjusted cash balance	$8,856
Cash balance per books, July 31	7,744
Collection of note receivable	1,146
	8,890
Bank service charge	-34
Adjusted cash balance	$8,856

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