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American Medical | Answer b | ||||||||||
Answer a | Journal entries | Accounting Equation | |||||||||
Bank reconciliation statement | Amount $ | Date | Description | Post. Ref. | Debit $ | Credit $ | Assets | Liabilities | Equity | ||
Cash balance according to bank statement | 388,600.00 | April 30th | Cash | 42,000.00 | 2,000.00 | 2,000.00 | |||||
Add: | Notes Receivable | 40,000.00 | |||||||||
B. Deposit in Transit | 42,500.00 | Interest Revenue | 2,000.00 | ||||||||
E. Incorrect charge by bank (420-240) | 180.00 | (As per Event C) | |||||||||
Less: | |||||||||||
A. Outstanding cheque | 61,280.00 | April 30th | Accounts Payble- Targhee Supply Company | 6,840.00 | (6,840.00) | (6,840.00) | (145.00) | ||||
Cash | 6,840.00 | ||||||||||
Adjusted Balance | 370,000.00 | (As per Event D) | |||||||||
Amount $ | Service Charges | 145.00 | (145.00) | (145.00) | |||||||
Cash balance according to company's records | 334,985.00 | Cash | 145.00 | ||||||||
Add: | (As per Event F) | ||||||||||
C. Collection of note by bank | 42,000.00 | ||||||||||
Less: | |||||||||||
D. Cheque returned recorded incorrectly (7,600-760) | 6,840.00 | Answer c | If balance sheet is prepared for Medical Co. on April 30 then $ 370,000 should be reported as cash. | ||||||||
F. Service Charges | 145.00 | ||||||||||
Adjusted Balance | 370,000.00 |
INSTRUCTIONS: QUESTION 5 The cash account for American Medical Co, at April 30 indicated a balance...
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