Part A is complete. Would appreciate help with part b. thanks. A review of the March 30 bank statement and other data of Sheridan Aviation revealed a $18,484 balance at March 31 on the bank statement and $18,158 as the balance in the cash account in the company’s ledger. In addition, the following information was determined:1. NSF Check from J. Beiber in payment of account $1962. Collection of a customer electronic payment by the bank $2,508.3. Deposits in transit at March 31 $3,322.4. Outstanding checks at March 31 $1,987.5. A check written by Sheridan to Copytronics for a copy machine repair on March 13 was recorded at $1,320 but correctly cleared the bank at $1,230.6. A check drawn on the account of Halen Electronics for $741 was mistakenly charged against Sheridan’s account by the bank.(a) As of March 31, prepare the bank reconciliation for the month of March (omit heading). (List items that increase balance as per bank & books first.)select an opening name for section one $enter a dollar amount select between addition and deduction : select a reconciling item enter a dollar amount select a reconciling item enter a dollar amount enter a total amount for the first partselect between addition and deduction :select a reconciling item enter a dollar amountselect a closing name for section one $enter a total amount for section one select an opening name for section two $enter a dollar amount select between addition and deduction : select a reconciling item enter a dollar amount select a reconciling item enter a dollar amount enter a total amount for the second partselect between addition and deduction :select a reconciling item enter a dollar amountselect a closing name for section two $enter a total amount for section two (b) As of March 31, prepare related journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Date.Account Titles and ExplanationDebitCreditMar 31.enter an account title to record electronic funds transfer received by bank on March 31enter a debit amountenter a credit amount enter an account title to record electronic funds transfer received by bank on March 31enter a debit amountenter a credit amount (To record electronic funds transfer received by bank) 31.enter an account title to record non sufficient funds check on March 31enter a debit amountenter a credit amount enter an account title to record non sufficient funds check on March 31enter a debit amountenter a credit amount (To record NSF check) 31.enter an account title to correct error in recording check on March 31enter a debit amountenter a credit amount enter an account title to correct error in recording check on March 31enter a debit amountenter a credit amount (To correct error in recording check)

Bank Reconcilation: It is a statement showing the reconcilation of an entity's bank account as per…

Answered: (b) As of March 31, prepare related…

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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(a) As of March 31, prepare the bank reconciliation for the month of March (omit heading). (List items that increase balance as per bank & books first.)

select an opening name for section one		$enter a dollar amount
select between addition and deduction :
	select a reconciling item		enter a dollar amount
	select a reconciling item		enter a dollar amount
			enter a total amount for the first part
select between addition and deduction :	select a reconciling item		enter a dollar amount
select a closing name for section one		$enter a total amount for section one

select an opening name for section two		$enter a dollar amount
select between addition and deduction :
	select a reconciling item		enter a dollar amount
	select a reconciling item		enter a dollar amount
			enter a total amount for the second part
select between addition and deduction :	select a reconciling item		enter a dollar amount
select a closing name for section two		$enter a total amount for section two

(b) As of March 31, prepare related journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date.	Account Titles and Explanation	Debit	Credit
Mar 31.	enter an account title to record electronic funds transfer received by bank on March 31	enter a debit amount	enter a credit amount
	enter an account title to record electronic funds transfer received by bank on March 31	enter a debit amount	enter a credit amount
	(To record electronic funds transfer received by bank)
31.	enter an account title to record non sufficient funds check on March 31	enter a debit amount	enter a credit amount
	enter an account title to record non sufficient funds check on March 31	enter a debit amount	enter a credit amount
	(To record NSF check)
31.	enter an account title to correct error in recording check on March 31	enter a debit amount	enter a credit amount
	enter an account title to correct error in recording check on March 31	enter a debit amount	enter a credit amount
	(To correct error in recording check)

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1.		NSF Check from J. Beiber in payment of account $196
2.		Collection of a customer electronic payment by the bank $2,508.
3.		Deposits in transit at March 31 $3,322.
4.		Outstanding checks at March 31 $1,987.
5.		A check written by Sheridan to Copytronics for a copy machine repair on March 13 was recorded at $1,320 but correctly cleared the bank at $1,230.
6.		A check drawn on the account of Halen Electronics for $741 was mistakenly charged against Sheridan’s account by the bank.