Sheffield Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company;s Cash account per it general ledger showed a balance of $7,411.20. The bank statement from Emporia State Bank on that date showed the following balance. Sheffield Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, thecompany's Cash account per its general ledger showed a balance of $7,411.20.The bank statement from Emporia State Bank on that date showed the following balance.Checks and Debits1.2.3.4.A comparison of the details on the bank statement with the details in the Cash account revealed the following facts.6.XXX7.Emporia State BankDeposits and CreditsXXXDaily Balance5-317,909.00The statement included a debit memo of $30 for the printing of additional company checks.Cash sales of $892.28 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectlymade for $942.28. The bank credited Sheffield Company for the correct amount.Outstanding checks at May 31 totaled $836.95, and deposits in transit were $2,013.15.On May 18, the company issued check No. 1181 for $684 to H. Moses, on account. The check, which cleared the bank inMay, was incorrectly journalized and posted by Sheffield Company for $648.$2,600 was collected from a customer's note receivable by the bank for Sheffield Company on May 31 through electronicfunds transfer.Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $390 that was incorrectlycharged to Sheffield Company by the bank.On May 31, the bank statement showed an NSF charge of $420 for a check issued by Sara Ballard, a customer, to SheffieldCompany on account. Prepare the bank reconciliation at May 31, 2022. (List items that increase cash balance first.)SHEFFIELD COMPANYBank ReconciliationMay 31, 2022649$$$

An explanation of any discrepancies between a company's bank account balance and the equivalent…

Sheffield Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company;s Cash account per it general ledger showed a balance of $7,411.20. The bank statement from Emporia State Bank on that date showed the following balance.

Sheffield Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company;s Cash account per it general ledger showed a balance of $7,411.20. The bank statement from Emporia State Bank on that date showed the following balance.

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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