Exercise 7-9 Credits Debits SHOW LIST OF ACCOUNTS LINK TO TEXT Date Account Titl

Question

Exercise 7-9

Credits

Debits

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Date

Account Titles and Explanation

Debit

Credit

(To record charges for safety deposit box rent)

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Exercise 7-9

This information relates to the Cash account in the ledger of Sheridan Company.

          Balance September 1—$18,810; Cash deposited—$64,000
          Balance September 30—$20,010; Checks written—$62,800

The September bank statement shows a balance of $18,910 at September 30 and the following memoranda.

Credits

Debits

Collection of electronic funds transfer $2,020 NSF check: H. Kane $750 Interest earned on checking account 55 Safety deposit box rent 70
At September 30, deposits in transit were $4,938 and outstanding checks totaled $2,583.

Explanation / Answer

1.

Journal entries

SHERIDAN COMPANY Bank Reconciliaion For the month ended September 30, 2017 Cash balance as per bank   $ 18,910 Add: Deposit in transit $    4,938 Less: Outstanding checks $    2,583 Adjusted cash balance as per bank $ 21,265 Cash balance as per book $ 20,010 Add Electronic fund transfer received $ 2,020 Interest earned $        55 $    2,075 Less Safety deposit box rent $        70 NSF Check $     750 $        820 Adjusted cash balance as per book $ 21,265

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