assignment 7b number 8

Assignment 7-B REQUIRED Question 8 of 8 1.94/5 View Policies Show Attempt History Current Attempt in Progress Sheridan Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company's Cash account per its general ledger showed a balance of $ 6,873.90. The bank statement from Emporia State Bank on that date showed the following balance. EMPORIA STATE BANK Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 7.103.00 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $ 51.00 for the printing of additional company checks. 2. Cash sales of $ 894.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $944.15. The bank credited Sheridan Company for the correct amount. 3. Outstanding checks at May 31 totaled $ 297.25, and deposits in transit were $ 1,891.15. On May 18, the company issued check No. 1181 for $686.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Sheridan Company for $ 638.00. 5. $ 2.836.00 was collected from a customer note receivable by the bank for Sheridan Company on May 31 through electronic funds transfer. 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $ 349.00 that was incorrectly charged to Sheridan Company by the bank. 7. On May 31, the bank statement showed an NSF charge of $ 515.00 for a check issued by Sara Ballard, a customer. to Sheridan Company on account. (a) Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, eg 5,275.50.) SHERIDAN COMPANY Bank Reconciliation May 31, 2022 Cash balance per bank statement 7103 Add Deposits in transit > $ 1891.15 Bank error 349 2240.15 9343.15 Less Outstanding checks - 29725 Adjusted cash balance per bank 9045.90 Cash balance per books $ 6873.90 Add Electronic funds transfer received 2836 9709.90 Less Check printing charge $ -51 1 NSF check -515 Error in deposit > -50 Bank error -48 -664 1 Adjusted cash balance per books S 9045.90 eTextbook and Media List of Accounts Atted Prepare the necessary adjusting entries for Sheridan Company at May 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5.275.50.) Date Account Titles and Explanation Debit Credit May 31 (To record collection of note receivable by bank) 31 To record NSF check) 31 To correct error in deposit) 31 To correct error in recording check) 31 To record charge for printing company checks) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit