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Question PR 8-3A Bank Reconcillation And Entries

Question PR 8-3A Bank Reconcillation And Entries



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Answer #1

$8,180 as shown below.

Cash balance according to bank statement= $12175

Deposit of April 30, not recorded by bank= $18000

Outstanding Checks                                =$5795

Bank section of reconciliation: $12,175 + $1,800 – $5,795 = $8,180

Company section of reconciliation: $9,480 – $50 – $1,250 = $8,180

Entries:

Account Receivables         DR 1250

Miscellaneous Expenses   DR     50

    To Cash                         CR   1300

3) $370,000; the adjusted balance from the bank reconciliation should be reported
as cash on the April 30 balance sheet for American Medical Co.

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