Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Final Question Instructions The cash account for Pala Medical Coat June 30, 20Y1, indicated a balance of $85,920. The bank statement indicated at balance of $127.910 on June 30, 2011. Comparing the bank statement and the accompanying canceled chocks and memos with the records revealed the following reconciling Moms: A. Checks outstanding totaled $32.540 8. A deposit of $18.540, representing receipts of June 30, had been made too late to appear on the bank statement o. The tank collected $22.425 on a $27,500 note, including interest of $1,905. D. A check for $1.360 ratumed with the statement had been incorrectly recorded by Pain Medical Co as $135 The check was for the payment of an obligation to Skyline Supply Co. for a purchase on our E Acheck drawn for $570 had been erroneously charged by the bank as $750. F. Bank service charges for June amounted to $40 Instructions 1. Prepare a bank reconciliation Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign 2. Jourrate the necessary entries. Refer to the Chart of Accounts for exact wording of account nos 3 a balance sheet were prepared for Pala Medical Co. on June 30, 2011, what amount should be reported as cash? Instructions Chart of Accounts X TH CHART OF ACCOUNTS sta Pala Medical Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable EXPENSES 510 Cost of Merchandise Sold 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 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 535 Rent Expense 536 Repairs Expense neck My Work ructions Chart of Accounts 191 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment 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 LIABILITIES 211 Accounts Payable-Skyline Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Jo Instructions Chart of Accounts TH sta Amount Descriptions Amount Descriptions Adjusted balance Bank error in charging check as $570 instead of $750 Bank error in charging check as $750 instead of $570 Bank service charges Check for $750 returned because of insufficient funds Deposit of June 30, not recorded by bank Error in recording check Error in recording June 30 deposit Outstanding checks Proceeds of note collected by bank, including $1,925 interest Total adjustments 151 Prepaid Insurance 520 Salaries Expense Bank Reconciliation Shaded calls huve feedbac 1 Cash balance according to bank statement Adjustments 3 5 Cash balance according to company's records 11 Oy Work signment Score 50% All work waved Em Instru Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Final Question Journal Shaded colis have feedback PRET JOURNAL Score: 0/75 ACCOUNTING EQUATION DATE DESCRIPTION POST. RET DEBIT CREPIT ASSES LIABILITIES EQUITY 1 2 5 Points Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Final Question Final Question Shaded cells have feedback. 3. # a balance sheet were prepared for Pala Medical Co, on June 30, 20Y1, what amount should be reported as cash? Points: 071 Feedback Check My Work Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an iter 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