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ipts for January were $87,679, of which $5,217 was outstanding at January 31. statement shows a debit memorandum for $75 for cheque printing charges. o.119 payable to Sheridan Company was recorded in the general journal and cleare ants Payable subsidiary ledger shows a $71 credit balance in the account of Sheridam to it should have been for $354. amount of cheques written during January was $75,006, of which $5,859 was outst o. 127 was correctly written and paid by the bank for $107. The general journal refl to Accounts Payable and a credit to Cash for $170.

ipts for January were $87,679, of which $5,217 was outstanding at January 31. statement shows a debit memorandum for $75 for cheque printing charges. o.119 payable to Sheridan Company was recorded in the general journal and cleare ants Payable subsidiary ledger shows a $71 credit balance in the account of Sheridam to it should have been for $354. amount of cheques written during January was $75,006, of which $5,859 was outst o. 127 was correctly written and paid by the bank for $107. The general journal refl to Accounts Payable and a credit to Cash for $170.

FINANCIAL ACCOUNTING
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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Sheffield Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. (a) Cash receipts for January were $87,679, of which $5,217 was outstanding at January 31. The bank statement shows a debit memorandum for $75 for cheque printing charges. Cheque no. 119 payable to Sheridan Company was recorded in the general journal and cleared the bank for $283. A review of the Accounts Payable subsidiary ledger shows a $71 credit balance in the account of Sheridan Company and that the payment to it should have been for $354. The total amount of cheques written during January was $75,006, of which $5,859 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $107. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $170. The bank returned an NSF cheque from a customer for $63 The bank included a credit memorandum for $18,330, which represents an EFT collection of a customer's account. Prepare a bank reconciliation for Sheffield Company at January 31. (List items that increase balance as per bank & books first) SHEFFIELD COMPANY Bank Reconciliation BIL
Transcribed Image Text:Sheffield Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. (a) Cash receipts for January were $87,679, of which $5,217 was outstanding at January 31. The bank statement shows a debit memorandum for $75 for cheque printing charges. Cheque no. 119 payable to Sheridan Company was recorded in the general journal and cleared the bank for $283. A review of the Accounts Payable subsidiary ledger shows a $71 credit balance in the account of Sheridan Company and that the payment to it should have been for $354. The total amount of cheques written during January was $75,006, of which $5,859 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $107. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $170. The bank returned an NSF cheque from a customer for $63 The bank included a credit memorandum for $18,330, which represents an EFT collection of a customer's account. Prepare a bank reconciliation for Sheffield Company at January 31. (List items that increase balance as per bank & books first) SHEFFIELD COMPANY Bank Reconciliation BIL
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