Question
In: Accounting
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.
Solutions
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 1 year agoRelated Solutions
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E5-8 Prepare bank reconciliation and adjustments. The following information pertains to Lance Company. 1. Cash balance...
E5-8 Prepare bank
reconciliation and adjustments.
The following information
pertains to Lance Company.
1.
Cash balance per bank, July 31, $7,328.
2.
July bank service charge not recorded by the
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3.
Cash balance per books, July 31, $7,364.
4.
Deposits in transit, July 31, $2,700.
5.
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bank through electronic funds transfer.
The collection has not been recorded by Lance
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6.
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Instructions
(a)
Prepare...
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