Problem 7-OSA - (Part Level Submission) (Video) The bank portion of the bank reconciliation for Sheffield Corp. at October 31, 2020, is shown below. CALCULATOR PRINTER VERSION BACK Sheffield Corp. Bank Reconciliation October 31, 2020 Cash balance per bank Add: Deposits in transit $12,367.90 1.690.20 14,058.10 Check Amount Less: Outstanding chedes Check Number 2451 2470 2471 2472 2474 Adjusted cash balance per bank $ 1.460.40 684.20 864.50 526.80 1,230.00 4,765.90 $9.292.20 The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following ched and deposits Bank Statement The adjusted cash balance per bank agreed with the cash balance per books Bank Statement Checks and Debits Deposits and Credits Date Number Amount Date Amount 11-1 2470 $ 684.20 11-1 $ 1,690.20 11-2 2471 864.50 11-4 1,251.60 11-5 2474 1,230.00 11-8 910.10 11-4 2475 1,660.70 11-13 2,535.00 11-8 2476 2,880.00 11-18 1,432.70 11-10 2477 600.00 11-19 EFT 2,192.00 11-15 2479 1,750.00 11-21 2,945.00 11-18 2480 1,210.00 11-25 2,607.30 11-27 2481 875.40 11-28 1,650.00 11-28 75.00 11-30 1,146.00 11-30 2483 735.50 Total 18,359.90 11-29 2486 1,140.00 Total $13,705.30 SC The cash records per books for November showed the following. 5 11-30 11-29 18,350.00 CALCULATOR PRINTER VERSION 2483 2486 Total 735.50Total 1.140.00 $13,705.30 BACK MEX The cash records per books for November showed the following Date 11.1 11-2 11-2 11-4 11-8 11-10 11-15 11-18 Number 2475 2476 2477 2478 2479 2480 2481 2482 Cash Payments Amount Date Number $1,660.70 11-20 2483 2.880.00 11-22 2484 600.00 11.23 2485 508.2011-24 2486 1,705.00 11-29 2487 1,210.00 11-30 2488 875.40 Total 612.00 Amount 735.50 859.50 924.80 1,140.00 398.00 780.00 $14,889.10 Cash Receipts Date Amount 11-3 $1.251.60 11. 7 910.10 11-12 2,535.00 11-17 1.432.70 11.20 2.954.00 11-24 2,607.30 11-27 1.650.00 11-29 1,146.00 11-30 1,424.00 Total $15,910.70 The bank statement contained two bank memoranda: 1. A credit of $2,192.00 for the collection for Sheffield Corp. of an electronic funds transfer 2. A debit for the printing of additional company checks $75.00. At November 30, the cash balance per books was $10,313.80 and the cash balance per bank statement was $17,022.50. The bank did not make any errors, but Sheffield Corp. made two errors. wo errors. A LAIN PRINTER VERSION BACK Using the steps in the reconciliation procedure, prepare a bank reconciliation at November 30, 2020. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 52.75.) Sheffield Corp. Bank Reconciliation November 30, 2020 Cash balance per bank statement 17022.50 Add Deposits in transit 1.424.00 18440.5 Add Outstanding checks No. 2451 1460.40 No. 2472 520.00 No. 2478 508.20 NO. 2482 612.00 NO 2484 859.50 No. 2485 924.80 Add Deposits in transit 1424.00 18446.5 Add : Outstanding checks No. 2451 1460.40 No. 2472 526.80 No. 2478 508.20 612.00 No. 2482 No. 2484 859.50 . No. 2485 924.80 No. 2487 398.00 No. 2488 780.00 6069,70 Adjusted cash balance per bank 10313.80 Cash balance per books Add Adjusted cash balance per bank 10313.80 Cash balance per books Add Electronic funds transfer received Less Error in recording check
