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 April 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 Norwegian Medical Co. as $190. The check was for the payment of an obligation to Universal 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 April amounted to $55. Required: 1. Prepare a bank reconciliation. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. "Add:" or "Deduct:" will automatically appear if it is required. Enter all amounts as positive numbers. 2. Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will a. Checks outstanding totaled $34,090. b. A deposit of $18,430, representing receipts of April 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 Norwegian Medical Co. as $190. The check was for the payment of an obligation to Universal 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 April amounted to $55. Required: 1. Prepare a bank reconciliation. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. "Add:" or "Deduct:" will automatically appear if it is required. Enter all amounts as positive numbers. 2. Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 3. If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash? Chart of Accounts Show Me How Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconcllation Chart of Accounts 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 211 Accounts Payable-Universal Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconcili Labels and Amount Descriptions Labels April 30 For the Month Ended April 30 Amount Descriptions Bank error in charging check as $370 instead of $730 Bank error in charging check as $730 instead of $370 Bank service charges Check for $730 returned because of insufficient funds Deposit of April 30, not recorded by bank Error in recording check Error in recording deposit Note and interest collected by bank Outstanding checks Bank Reconciliation Norwegian Medical Co. Bank Reconciliation (Label) 1 Cash balance according to bank statement 2 3 4 5 Adjusted balance 6 7 Cash balance according to company's records 8 9 10 11 Adjusted balance