Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Instructions The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $93,115. The bank statement indicated a balance of $125,800 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos wit the records revealed the following reconciling items: a. Checks outstanding totaled $30,060. b. A deposit of $19,240, representing receipts of June 30, had been made too late to appear on the bank statement c. The bank collected $24,075 on a $22,500 note, including interest of $1,575. d. A check for $1,800 returned with the statement had been incorrectly recorded by Pala Medical Co. as $180. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account e. A check drawn for $390 had been erroneously charged by the bank as $930. 1. Bank service charges for June amounted to $50. Instructions 1. Prepare a 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. Instructions HIC IOCUIUS TEVERU I will contenta a. Checks outstanding totaled $30,060. b. A deposit of $19,240, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank collected $24.075 on a $22,500 note, including interest of $1,575. d. A check for $1,800 returned with the statement had been incorrectly recorded by Pala Medical Co. as $180. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $390 had been erroneously charged by the bank as $930. t. Bank service charges for Juno amounted to $50. Instructions 1. Propare a 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 it it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 2041, what amount should be reported as cash? Chart of Accounts 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 181 Land 191 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense A532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense Instructions Chart of Accounts Amount Descriptions = Instructions Chart of Accounts TIL LYUIPO wy 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 211 Accounts Payable-Skyline Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 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 EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Instructions Chart of Accounts 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 and entries v E Instructions Chart of Accounts Amount Descriptions Bank Reconciliation 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices fo text entries. "Add" & "Deduct:" will automatically appear if it is required. For those boxes in which you must enter subtracted o negative numbers use a minus sign. Pala Medical Co. Bank Reconciliation June 30, 20Y1 1 Cash balance according to bank statement 2 3 4 5 6 Instructions Chart of Accounts Amount Descriptions Bank Reconciliation 1 Cash balance according to bank statement 2 3 4 5 6 7 8 Cash balance according to company's records I 9 10 11 12 13 Journal Final Question 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Journal 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL DEBIT POST. REE CREDIT DATE DESCRIPTION 2 3 4 5