10:35 1 llLE Chapter 7 - Homework Assignment CO 1 EXTOS EXO OY 3. EXOTOR EXOTIT 5 EXT 10 EXO.17 7. EXOT-22 PROT DALGO ADMOT G1 Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 2011, Indicated a balance of $8,750. The bank statement indicated a balance of $9,820 on June 30, 2011. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3,540. A deposit of $3,680, representing receipts of June 30, had been made too late to appear on the bank statement. 16. The bank collected $1,910 on a $1,820 note, including interest of $90. d. A check for $440 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 $70 had been erroneously charged by the bank as $700. 1. Bank service charges for June amounted to $30. Required: 1. Prepare a bank reconciliation. Pales materica June 30, 2011 Bank Reconciliation Date 20. not recente Bank erre in chari check $200 a $70. - rece... including 000 Feedback 1 & 3. Set up to sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in TOT ..I LTE Feedback 183. Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation Leaming Objective 5. 2. Journalize the necessary entries (a.) that increase cash and (6.) 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. 2013 Re: 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 2071, what amount should be reported as cash? Feedback 183. Set up two sections one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section, Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an dem has been overlooked or treated in error Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation Leaming Objective 5
