Credits Debits SHOW LIST OF ACCOUNTS LINK TO TEXT Date Account Titles and Explan

Question

Credits

Debits

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Date

Account Titles and Explanation

Debit

Credit

(To record charges for safety deposit box rent)

This information relates to the Cash account in the ledger of Sheridan Company.

          Balance September 1—$20,410; Cash deposited—$64,000
          Balance September 30—$21,610; Checks written—$62,800

The September bank statement shows a balance of $20,510 at September 30 and the following memoranda.

Credits

Debits

Collection of electronic funds transfer $2,120 NSF check: H. Kane $850 Interest earned on checking account 50 Safety deposit box rent 65
At September 30, deposits in transit were $5,033 and outstanding checks totaled $2,678.

Explanation / Answer

Solution:

Sheridan Company Bank Reconciliation - September 30 Bank's Cash balance Company's cash balance Particulars Amount Particulars Amount Ending balance as per Bank Statements $20,510.00 Ending Balance as per cash books $21,610.00 Additions: Additions: Outstanding cash receipt $5,033.00 EFT Deposit $2,120.00 Interest earned $50.00 Deductions: Deductions: Outstanding Checks $2,678.00 NSF Cheque $850.00 Saftey deposit box rent $65.00 Up to date cash balance as per bank $22,865.00 Up to date cash balance as per books $22,865.00

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