On July 31, 2025, Sheridan Company had a cash balance per books of $6,325.00. The statement from Dakota State Bank on that date showed 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.
On July 31, 2025, Sheridan Company had a cash balance per books of $6,325.00. The statement from Dakota State Bank on that date showed 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![On July 31, 2025, Sheridan Company had a cash balance per books of $6,325.00. The statement from Dakota State Bank on that date
showed 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05136949-0414-47eb-a73e-74f55563dd77%2F9cff6df5-6ccd-4dd0-9583-2eea5a517455%2Fkfznti4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On July 31, 2025, Sheridan Company had a cash balance per books of $6,325.00. The statement from Dakota State Bank on that date
showed 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.
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