edugen.wileyplus.com WileyPLUS Return to Blackboard el, Financial Accounting, Se

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edugen.wileyplus.com WileyPLUS Return to Blackboard el, Financial Accounting, Seventh Canadian Edition PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Exercise 7-8 The following information is for Sheridan Ltd. in July: 1. Cash balance per bank, July 31, $10,810 2. Cash balance per books, July 31, $8,780 3. Bank service charge, $50 4. Deposits in transit, $2,017 5. Electronic receipts from customers in payment of their accounts, $1,320, not previously recorded by the company 6. Outstanding cheques, $2,417 7. Cheque #373 was correctly written in the amount of $590 but was incorrectly recorded by the company's bookkeeper as $950. The cheque was written for the purchase of office supplies. Exercise 7-9 Objective Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) SHERIDAN LTD Bank Reconciliation July 31

Explanation / Answer

Journal entries:

SHERIDAN LTD. Bank Reconciliation July 31 Cash balance per bank 10810 Add: Deposits in transit 2017 12827 Less: Outstanding cheques 2417 Adjusted balance per bank $ 10410 Cash balance per books 8780 Add: EFT deposits from customers 1320 Error in recording cheque # 373 360 10460 Less: Bank service charge 50 Adjusted balance per books $ 10410

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