Bank Reconciliation and Entries

The cash account for Norwegian Medical Co. at April 30 indicated a balance of $12,890. The bank statement indicated a balance of $15,060 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

1. Checks outstanding totaled $5,420.
2. A deposit of $5,650, representing receipts of April 30, had been made too late to appear on the bank statement.
3. The bank collected $2,940 on a $2,790 note, including interest of $150.
4. A check for $660 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $600. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account.
5. A check drawn for $50 had been erroneously charged by the bank as $500.
6. Bank service charges for April amounted to $30.

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Bank Reconciliation and Entries The cash account for Norwegian Medical Co. at April 30 indicated a balance of $12,890. The bank statement indicated a balance of $15,060 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 $5,420. b. A deposit of $5,650, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $2,940 on a $2,790 note, including interest of $150. d. A check for $660 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $600. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $50 had been erroneously charged by the bank as $500. f. Bank service charges for April amounted to $30. Required: 1. Prepare a bank reconciliation. 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. If an amount box does not require an entry, leave it blank. Feedback Check My Work 2. Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these have not been previously recorded by the company. Debit memo items like bank service charges decrease Cash. Items that come from credit memos like collections of notes or interest by the bank increase cash. If the company made an error that overstates or understates cash in the company section, the journal adjustment would decrease Cash or increase Cash, respectively. 3. If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash