Prepare the necessary journal entries to adjust SSC's records based on the bank reconciliation (Credit account...

 

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Prepare the necessary journal entries to adjust SSC's records based on the bank reconciliation (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List all debit entries before credit entries) Date Account Titles and Explanation May 31 May 31 May 31 May 31 May 31 (To correct the error made to record cheque.) (To record interest earned on bank account) (To record EFT collection of accounts receivable by the bank.) (To record bank service charge for the month of May.) (To record NSF cheque assuming recovery of fee.) Debit 100 Credit |||| 1. 2. 3. 4. 5. 6. 7. B. On May 31, 2024, the Cash account of Sheridan Supply Company (SSC) had a balance of $34,317. On that date, the bank statement indicated a balance of $47,100. After reviewing the April 30, 2024, bank reconciliation, cheque #568 for $5,350 written to Steven's Catering had still not cleared the bank in May. In checking the disbursements journal, cheques #575 for $5,850 and # 588 for $5,850 did not appear on the May bank statement. The bank reported an EFT credit memorandum for the collection of a receivable of $6.250. A second credit memoranda was identified for $500 representing interest earned on the bank account. A $1,300 cheque of a customer was returned by the bank because of non-sufficient funds. The bank charged SSC a $70 NSF fee. The bank has not credited the company's account for a $6.500 deposit made on May 30 and a $5,300 deposit made on May 31. The Accounts Payable clerk recorded an insurance expense payment of $240 as $2,400, Cheque #572 was correctly written for $240. There was a $7 service charge on the bank statement. Prepare a bank reconciliation for SSC as at May 31, 2024. (List items that increase balonce as per bank & books first.) SHERIDAN SUPPLY COMPANY Bank Reconciliation $ $ Prepare the necessary journal entries to adjust SSC's records based on the bank reconciliation (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List all debit entries before credit entries) Date Account Titles and Explanation May 31 May 31 May 31 May 31 May 31 (To correct the error made to record cheque.) (To record interest earned on bank account) (To record EFT collection of accounts receivable by the bank.) (To record bank service charge for the month of May.) (To record NSF cheque assuming recovery of fee.) Debit 100 Credit |||| 1. 2. 3. 4. 5. 6. 7. B. On May 31, 2024, the Cash account of Sheridan Supply Company (SSC) had a balance of $34,317. On that date, the bank statement indicated a balance of $47,100. After reviewing the April 30, 2024, bank reconciliation, cheque #568 for $5,350 written to Steven's Catering had still not cleared the bank in May. In checking the disbursements journal, cheques #575 for $5,850 and # 588 for $5,850 did not appear on the May bank statement. The bank reported an EFT credit memorandum for the collection of a receivable of $6.250. A second credit memoranda was identified for $500 representing interest earned on the bank account. A $1,300 cheque of a customer was returned by the bank because of non-sufficient funds. The bank charged SSC a $70 NSF fee. The bank has not credited the company's account for a $6.500 deposit made on May 30 and a $5,300 deposit made on May 31. The Accounts Payable clerk recorded an insurance expense payment of $240 as $2,400, Cheque #572 was correctly written for $240. There was a $7 service charge on the bank statement. Prepare a bank reconciliation for SSC as at May 31, 2024. (List items that increase balonce as per bank & books first.) SHERIDAN SUPPLY COMPANY Bank Reconciliation $ $

Answer rating: 100% (QA)

1 Journal Entries May 31 To correct the error made to record cheque Account Titles and Explanation D... View the full answer