The following information pertains to Sheridan Video Company. 1. Cash balance per bank, July 31, $7,943....

The following information pertains to Sheridan Video Company.

1. Cash balance per bank, July 31, $7,943.

2. July bank service charge not recorded by the depositor $37.

3. Cash balance per books, July 31, $7,964.

4. Deposits in transit, July 31, $1,840.

5. Bank collected $1,240 note for Sheridan in July, plus interest $45, less fee $29. The collection has not been recorded by Sheridan, and no interest has been accrued.

6. Outstanding checks, July 31, $600.

Expert Solution


Sheridan Video Company
Bank Reconciliation Statement
Jul-31

Unadjusted bank balance		7,943.00

Add: Deposit in Transit		1,840.00

		9,783.00
Less: Outstanding checks		600.00

Adjusted bank Balance		9,183.00

Unadjusted cash balance		7,964.00
Add: Note Collected		1,240.00
Add: Interest on note		45.00
		9,249.00
Less:


Bank Service Charge	66.00
		66.00
Adjusted Cash Balance		9,183.00

ekkarill92 answered 2 years ago

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