In preparing its May 31, 2020 bank reconciliation, Sheridan Company has the following information available: Balance per bank statement, 5/31/20 $39000 Deposit in transit, 5/31/20 6000 Outstanding checks, 5/31/20 5200 Note collected by bank in May 1290 The correct balance of cash at May 31, 2020 is:

$39,800

Explanation:

To determine the correct cash balance, a Bank Reconciliation Statement must be prepared.

This account for items that are in the cash book not yet in the bank statement. We should also consider this when preparing it as below.

Bank Reconciliation Statement

Balance as per Bank Statement                      $39,000

Add Lodgments not yet credited                      $6,000

Less Unpresented Checks                              ($ 5,200)

Balance as per Cash Book                              $39,800

Thus, the correct balance of cash at May 31, 2020 is $39,800.

answer2/345y

explanation:

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