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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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Question

The following information pertains to Sheffield Video Company.

1.		Cash balance per bank, July 31, $8,043.
2.		July bank service charge not recorded by the depositor $33.
3.		Cash balance per books, July 31, $8,064.
4.		Deposits in transit, July 31, $1,890.
5.		Bank collected $1,290 note for Sheffield in July, plus interest $41, less fee $25. The collection has not been recorded by Sheffield, and no interest has been accrued.
6.		Outstanding checks, July 31, $596.

Prepare a bank reconciliation at July 31 and journalize the adjusting entries at July 31 on the books of Sheffield Video Company.

Prepare a bank reconciliation at July 31. (List items that increase cash balance first.)
SHEFFIELD VIDEOo COMPANY
Bank Reconciliation
$
$
$
%24
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Journalize the adjusting entries at July 31 on the books of Sheffield Video Company. (List all debit entries before credit entries.
Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
July 31
(To record the collection of the note.)
July 31
(To record the bank service charge.)

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