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Kimmel, Financial Accounting, 8e
FINANCIAL ACCOUNTING (ACCT 220)
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ASSIGNMENT RESOURCES
Exercise 7-9
This information relates to the Cash account in the ledger of Crane Company.
Copy of Chapter 7
textbook assignments
Exercise 7-4
Exercise 7-9
Problem 7-3A (Part
Level Submission).
Balance September 1-$20,450; Cash deposited-$64,000
Balance September 30–$21,650; Checks written-$62,800
The September bank statement shows a balance of $20,550 at September 30 and the following memoranda.
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Objective
Credits
Debits
Collection of electronic funds transfer
$2,370
NSF check: H. Kane
$1,100
Interest earned on checking account
55
Safety deposit box rent
70
At September 30, deposits in transit were $5,288 and outstanding checks totaled $2,933.
Prepare the bank reconciliation at September 30, 2017. (List items that increase balance as per bank & books first.)
CRANE COMPANY
Bank Reconciliation
September 30, 2017
Cash balance per bank statement
Add 4: Deposits in transit
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Problem 7-3A (Part Level Submission)
On July 31, 2017, Sheridan Company had a cash balance per books of $6,270.00. The statement from Dakota State Bank on that date showed a balance of $7,820.80. A
comparison of the bank statement with the Cash account revealed the following facts.
ASSIGNMENT RESOURCES
Copy of Chapter 7
textbook assignments
Exercise 7-4
Exercise 7-9
Problem 7-3A (Part
Level Submission)
1. The bank service charge for July was $22.00.
2. The bank collected $1,650.00 for Sheridan Company through electronic funds transfer.
3. The July 31 receipts of $1,326.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $364.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for
$346.00.
5. Checks outstanding on July 31 totaled $1,972.10.
6. On July 31, the bank statement showed an NSF charge of $705.00 for a check received by the company from W. Krueger, a customer, on account.
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Objective
(a)
Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.)
SHERIDAN COMPANY
Bank Reconciliation
A
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