Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following incomplete information related to the August 2022 bank reconciliation of Sheridan Mountain inc is provided. Find the missing amounts. (Note - enter increases

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following incomplete information related to the August 2022 bank reconciliation of Sheridan Mountain inc is provided. Find the missing amounts. (Note - enter increases as positive numbers and decreases as negative numbers.) Reconciling Journal Entries - August 2022 Reconciled Cash Balance - Aug 151,950 Unreconciled Cash Balance - Aug 31 65,630 Deposits In Transit Deposits in transit-July 31 6,840 Deposits per books - August 91,200 \begin{tabular}{ll} Deposits per bank - August & (84,360) \\ Deposits in transit - Aug 31 & 13,680 \\ \hline \end{tabular} Outstanding Cheques Outstanding cheques - July 316,270 Cheques recorded per books - August 77,520 Correction of Error 570 Cheques cleared bank-August Outstanding cheques - Aug 31 1,140(83,220) Sheridan Mountain Inc. Bank Reconciliation August 31, 2022 Balance per Bank Add: Deposits in transit Less: Outstanding cheques Adjusted Balance per Bank Balance per Books Less: Error Correction Add: Interest Earned 50 Less: Bank Fees \& Safety Deposit (50) Adjusted Balance per Books

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Complete Guide To Operational Auditing 1995 Supplement

Authors: Harry R. Reider

1st Edition

0471102547, 978-0471102540

More Books

Students also viewed these Accounting questions