Nik.3 *Your answer is incorrect.Prepare journal entries required to adjust the cash account at November 30. (Enter answers to 2 decimal places, eg 125.62entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically inderathe amount is entered. Do not indent manually. List all debit entries before credit entries)Account Titles and ExplanationInterest ExpenseInterest Payable(To record Interest)DebitCredit11 Presented below is information related to Sheffield Inc.Balance per books at October 31, $115,081.59; receipts $477,190.75; disbursements $453,457.24. Balance per bank statementNovember 30, $154,754.05.The following checks were outstanding at November 30.1224123012321233$4,497.056.787.835.844.161.325.97Included with the November bank statement and not recorded by the company were a bank debit memo for $75.35 covering bankcharges for the month, a debit memo for $1.023.36 for a customer's check returned and marked NSF, and a credit memo for$3,850 representing band interest collected by the bank in the name of Sheffield Inc. Cash on hand at November 30 recorded andawaiting deposit amounted to $5.267.35.

In Bank reconciliation, the company cash transaction recorded in its books is compared with bank…

required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indera ount is entered. Do not indent manually. List all debit entries before credit entries) punt Titles and Explanation: Debit Credit

required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indera ount is entered. Do not indent manually. List all debit entries before credit entries) punt Titles and Explanation: Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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