n July 31, 2025, Sheridan Company had a cash balance per books of $6,325.00. The statement from Dakota State Bank on that dat howed a balance of $7,875.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. The bank service charge for July was $16.00. The bank collected $1,705.00 from a customer for Sheridan Company through electronic funds transfer. The July 31 receipts of $1,387.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $345.00. Checks outstanding on July 31 totaled $2,018.10. On July 31, the bank statement showed an NSF charge of $760.00 for a check received by the company from W. Krueger, a customer, on account.

n July 31, 2025, Sheridan Company had a cash balance per books of $6,325.00. The statement from Dakota State Bank on that dat howed a balance of $7,875.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. The bank service charge for July was $16.00. The bank collected $1,705.00 from a customer for Sheridan Company through electronic funds transfer. The July 31 receipts of $1,387.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $345.00. Checks outstanding on July 31 totaled $2,018.10. On July 31, the bank statement showed an NSF charge of $760.00 for a check received by the company from W. Krueger, a customer, on account.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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