Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to Sheridan Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $19,350. During the month of July, Sheridan

image text in transcribed

image text in transcribed

image text in transcribed

The following information relates to Sheridan Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $19,350. During the month of July, Sheridan recorded cash receipts of $21,600 and cash payments of $24,300 in the general ledger Cash account. An examination of the company's July bank statement shows a balance of $19,590 on July 31 ; outstanding cheques $3,960; deposits in transit $1,780; EFT collections on account that were not yet recorded on the books $2,182; NSF cheque $1,258; NSF fee $62; and bank service charges $102. Determine the cash balance per Sheridan Limited's books. Prepare the bank reconciliation at July 31 . (List items that increase balance as per bank \& books first.) $ eTextbook and Media Attempts: 0 of 3 used Submit

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

College Accounting

Authors: Heintz and Parry

20th Edition

1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192

More Books

Students also viewed these Accounting questions