Bank Reconciliation and Entries

The cash account for Norwegian Medical Co$.$ at April $30$ indicated a balance of $$9,535.$ The bank statement indicated a balance of $$10,880$ on April $30.$ Comparing the b statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

a$.$ Checks outstanding totaled $$3,920.$

b$.$ A deposit of $$4,080,$ representing receipts of April $30,$ had been made too late to appear on the bank statement.

c$.$ The bank collected $$2,120$ on a $$2,010$ note, including interest of $$110.$

d$.$ A check for $$440$ returned with the statement had been incorrectly recorded by Norwegian Medical Co$.$ as $$400.$ The check was for the payment of an obligation to Universal Supply Co$.$ for a purchase on account.

e$.$ A check drawn for $$60$ had been erroneously charged by the bank as $$600.$

f$.$ Bank service charges for April amounted to $$35.$

Required:

Prepare a bank reconciliation.

Norwegian Medical Co$.$

Bank Reconciliation

April $30$

Cash balance according to bank statement

Adjusted balance

$2.$ 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 entr leave it blank.

a$.$ April $30$

b$.$ April $30$

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$3.$ If a balance sheet is prepared for Norwegian Medical Co$.$ on April $30,$ what amount should be reported as cash?

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