The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
a. | Checks outstanding totaled $19,427. |
b. | A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement. |
c. | The bank collected $26,500 on a $25,000 note, including interest of $1,500. |
d. | A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. |
e. | A check drawn for $195 had been erroneously charged by the bank as $915. |
f. | Bank service charges for June amounted to $55. |
1. | Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2. | Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3. |
If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?
|
Bank Balance as per Cash Book - | 166436 | |
Add : | ||
Cheques Issued but not presented | 19427 | |
Note collected by Bank | 26500 | 45927 |
Less : | ||
Deposit recorded late by Bank | -12300 | |
Cheque Returned of $4000 wrongly entered as $400 | -3600 | |
Cheque drawn for $195 erroneous;y recorded as $915 by Bank | -720 | |
Bank Service Charges | -55 | -16675 |
Balance as per Bank Statement | 195688 |
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436....
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