View Policies Current Attempt in Progress Sheffield Grow-Fast spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company's Cash account per its general ledger showed the following balance 6,703.50. The bank statement from Manchester Bank on that date showed the following balance. Checks and Debits XXX Lancaster Bank Deposits and Credits Daily Balance XXX 5/31 6,302.40 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of 40.00 for the printing of additional company checks. 2. 3. 4. 5. 6. 7. Cash sales of 882.16 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for 932.16. The bank credited Sheffield Genetics for the correct amount. Outstanding checks at May 31 totaled 59.55, and deposits in transit were 1,911.65. On May 18, the company issued check No. 1181 for 665.00 to M. Datz on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Sheffield Genetics for 656.00. 2,500.00 was collected by the bank for Sheffield on May 31 through electronic fund transfer. Included with the cancelled checks was a check issued by Tomins to C. Pernod for 320.00 that was incorrectly charged to Sheffield by the bank. On May 31, the bank statement showed an NSF charge of 630.00 for a check issued by Sara Ballard, a customer, to Sheffield on account. SHEFFIELD GROW-FAST LTD. Bank Reconciliation May 31, 2020 E eTextbook and Media. List of Accounts E Prepare the necessary adjusting entries for Sheffield Grow Fast at May 31, 2020. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, es. 1,532.25) Date Account Titles and Explanation May 31 (Amount collected by bank) May 311 May 31 May 31 May 31 (NSF charge issued for a cheque) (Cash receipts entry incorrectly made) Check issued by company wrongly posted) Debit Credit May 31 (NSF charge issued for a cheque) May 31 (Cash receipts entry incorrectly made) May 31 (Check issued by company wrongly posted) (Bank charges paid) eTextbook and Media List of Accounts