Journalize the necessary entries

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Reference no: EM133360140

Bank Reconciliation and Entries

1. The cash account for American Medical Co. at April 30 indicated a balance of $13,410. The bank statement indicated a balance of $15,280 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

Checks outstanding totaled $5,500.
A deposit of $5,730, representing receipts of April 30, had been made too late to appear on the bank statement.
The bank collected $2,980 on a $2,830 note, including interest of $150.
A check for $440 returned with the statement had been incorrectly recorded by American Medical Co. as $400. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account.
A check drawn for $90 had been erroneously charged by the bank as $900.
Bank service charges for April amounted to $30.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet is prepared for American Medical Co. on April 30, what amount should be reported as cash?

Reference no: EM133360140

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