Question

On July 31, 2017, Sheridan Company had a cash balance per books of $6,270.00. The statement from Dakota State Bank on that date showed a balance of $7,820.80. A comparison of the bank statement with the Cash account revealed the following facts.

1.		The bank service charge for July was $22.00.
2.		The bank collected $1,650.00 for Sheridan Company through electronic funds transfer.
3.		The July 31 receipts of $1,326.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4.		Company check No. 2480 issued to L. Taylor, a creditor, for $364.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $346.00.
5.		Checks outstanding on July 31 totaled $1,972.10.
6.		On July 31, the bank statement showed an NSF charge of $705.00 for a check received by the company from W. Krueger, a customer, on account.

Ch 3-4 Grupok Matelip P * + Canvas pasaules/course/1101459/assignment/83936627module_item_id-11893827 !!! As Datibad Ch38 Grupe U GRL- Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) SHERIDAN COMPANY Bank Recondation Account Dashboard Courses Groups Calendar Inbow Bookstore Library Tutoring HU e Textbook and Media List of Accounts

Answer 1

Sheridan Company Bank Reconciliation Statement As on July 31 2017 Balance as per Bank Statement Add: Deposit in transit $7,820.80 1,326.30 $9,147.10 1,972.10 $7,175 Less: Outstanding checks Adjusted Bank Cash Balance Company's Cash Balance(Books) Add:EFT $6,270 1,650 7,920 Less: NSF Check Error in recording check Bank service charges Adjusted Company's Cash Balance 705 18 22 $745 $7,175 Credit Date July 31 Debit $1,650 Accounts title and Explanation Cash Accounts Receivable (To record Electronic fund transfer received by bank) $1,650 Date Credit Debit $705 July 31 Accounts title and Explanation Accounts Receivable Cash (To record NSF Check) $705 Date Debit Credit July 31 $18 Accounts title and Explanation Accounts payable Cash (To correct error in recording check) $181 Date Debit Credit July 31 $22 Accounts title and Explanation Bank Service charges Cash (To record bank service charges ) $22