Reference no: EM132672045
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $82,726. The bank statement indicated a balance of $128,040 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 $34,090.
b. A deposit of $18,430, representing receipts of June 30, had been made too late to appear on the bank statement.
c. The bank collected $31,779 on a $29,700 note, including interest of $2,079.
d. A check for $1,900 returned with the statement had been incorrectly recorded by Pala Medical Co. as $190. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.
e. A check drawn for $370 had been erroneously charged by the bank as $730.
f. Bank service charges for June amounted to $55.
Instructions
Problem 1. 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.
Problem 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles.
Problem 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?
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