Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bank Reconciliation and Entries The cash account for American Medical Co, at April 30 indicated a balance of $14.250. The hank statement indicated a balance

Bank Reconciliation and Entries The cash account for American Medical Co, at April 30 indicated a balance of $14.250. The hank statement indicated a balance of $16.940 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items a. Checks outstanding totaled $6,100. b. A deposit of $6,350, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $3.300 on a $3,130 note, including interest of $170. d. A check for $660 returned with the statement had been incorrectly recorded by American Medical Co. as 1600. The check was for the payment of an obligation to Targhe Supply Co. for a purcha e. A check drawn for $30 had been erroneously charged try the bank as $300. f. Bank service charges for April amounted to $30. Required 1. Prepare a bank reconciliation. American Hedical Co Bank Reconciliation April 30 Cash balance according to bank statement Adjusted balance Cash balance according to company's reconds Aduated balance 2. Journalize the necessary entries (a) that increase cash and to that decrease cash. The accums have been closed. For a comasund transaction, fanart WANG T St April 30 444 444 2. Journalize the necessary untries (e) that increase cash and (b) that decrease cash. The scums has not been closed for a compound traction if an at bee does not eas a. April 30 fa balance sheet is prepared for American Medical Cons 30. decimage text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Introduction To Derivative Securities Financial Markets And Risk Management

Authors: Robert A. Jarrow, Arkadev Chatterjee

2nd Edition

194465965X, 978-1944659653

More Books

Students also viewed these Accounting questions

Question

What did Jung mean by the term archetype? Provide examples.

Answered: 1 week ago

Question

2. Use different groups for different subjects.

Answered: 1 week ago

Question

Question 1 (a2) What is the reaction force Dx in [N]?

Answered: 1 week ago