Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Ranciliation Journal Final Question Instructions The caut account for Pata Modica Co. at June 30, 2011, indicated a balance of $93.116. The book statement indicated a bidanov of $120.600 on June 30, 20X1. Comparing the bank statoment and the accompanying canonied checks and memos with the records revealed the following reconoling temo a. Check outstanding totaled $30.060 5. A deposit of $10.240. representing receipts of June 30, rud been made too lato to appear on the bank statement The bank collected $24,075 on a $22,500 note, including interest of $1.575 d. A check for $1.500 returned with the statement had been incorrectly recorded by Pia Medical Ca as $180. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on nccount e. A check drawn for $290 had been arroneously charged by the bank us$930 1. Bank service charges for Jane amounted to $50 Instructions 1. Prepare a bank reconciliation Hotev to the Amount Descriptions Nest provided for the exact wording of the awwer choices for doxt entries. Acid & Deduct will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign 2 Jexurall the necessary entries. Refer to the Churt of Accounts for exact wording of account nilos 3. If a baunce sheet were prepared for Pale Medical Co. on June 30, 2011, what amount should be reported as cash? Chart of Accounts a CHART OF ACCOUNTS Pala Medical Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 181 Land 191 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment 535 Rent Expense CIL 151 Prepaid insurance 520 Said Expert 181 Land 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 191 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation Store Equipment 534 Office Supplies Expense 535 Rent Expense LIABILITIES 211 Accounts Payable-Skyline Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 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 EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Amount Descriptions Amount Descriptions Adjusted balance Bank error in charging check as $930 instead of $390 Bank service charges Deposit in transit on June 30 Deposit of June 30, not recorded by bank Error in recording check Outstanding checks Note collected by bank, including $1,575 interest Total additions Total deductions Bank Reconciliation 1. Prepare a bank reconciliation. Refer to the Amount Description is provided for the exact wording of the answer choices for hout entries. "Add" & "Deduct will automatically appear If it is required. For those boxes in which you must ender subtracted or negative numbers use a minus sign Pala Medical Co. Bank Reconciliation June 30, 2013 Cash balance according to bank statement 3 5 6 1 Cash balance according to company's records 29 Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Final Question Journal 2. Joumalize the necessary entries. Refer to the Chart of Accounts for exact wording of account bites WAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST, RR DERIT CREDIT ASSETS LIABILITIES QUITY 1 2 1 4 3 Final Question 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash