Problem

The bank portion of the bank reconciliation for Sheridan Company at October 31, 2017, is shown below.

SHERIDAN COMPANY Bank Reconciliation October 31, 2017 Cash balance per bank $12,637.90 Add: Deposits in transit 1,530.20 14,168.10 Less: Outstanding checks Check Number Check Amount 2451 $ 1,260.40 2470 684.20 2471 844.50 2472 429.30 2474 1,050.00 4,268.40 Adjusted cash balance per bank $9,899.70 The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 11-1 2470 $ 684.20 11-1 $ 1,530.20 11-2 2471 844.50 11-4 1,211.60 11-5 2474 1,050.00 11-8 990.10 11-4 2475 1,640.70 11-13 2,575.00 11-8 2476 2,830.00 11-18 1,472.70 11-10 2477 600.00 11-21 2,945.00 11-15 2479 1,740.00 11-25 2,567.30 11-18 2480 1,330.00 11-28 1,650.00 11-27 2481 695.40 11-30 1,186.00 11-30 2483 575.50 Total 16,127.90 11-29 2486 940.00 Total $12,930.30 The cash records per books for November showed the following. Cash Payments Journal Cash Receipts Journal Date Number Amount Date Number Amount Date Amount 11-1 2475 $1,640.70 11-20 2483 $ 575.50 11-3 $ 1,211.60 11-2 2476 2,830.00 11-22 2484 827.00 11-7 990.10 11-2 2477 600.00 11-23 2485 974.80 11-12 2,575.00 11-4 2478 538.20 11-24 2486 940.00 11-17 1,472.70 11-8 2479 1,704.00 11-29 2487 398.00 11-20 2,954.00 11-10 2480 1,330.00 11-30 2488 800.00 11-24 2,567.30 11-15 2481 695.40 Total $14,465.60 11-27 1,650.00 11-18 2482 612.00 11-29 1,186.00 11-30 1,574.00 Total $16,180.70 The bank statement contained two bank memoranda: 1. A credit of $2,427.00 for the collection for Sheridan Company of an electronic funds transfer. 2. A debit for the printing of additional company checks $87.50. At November 30, the cash balance per books was $11,614.80 and the cash balance per bank statement was $18,175.00. The bank did not make any errors, but Sheridan Company made two errors.

Using the steps in the reconciliation procedure, prepare a bank reconciliation at November 30, 2017

Prepare the adjusting entries based on the reconciliation. (Note: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.)