bank reconciliation and entries

The cash account for Pala Medical Center 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 with 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 Center 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. f. Bank service charges for June amounted to $50. Required: 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. 3. If a balance sheet were prepared for Pala Medical Center on June 30, 20Y1, what amount should be reported as cash? Bank Reconciliation Bank Reconciliation Instructions Pala Medical Center Bank Reconciliation (Label) c. d e f. R 1. 2 3 8 Cash balance according to company's records 9 10 11 12 13 Cash balance according to bank statement 2 3 4 5 6 7 1 12 13 13 2. Journalize the necessary entries. 3. If a balance sheet were prepared for Pala Medical Center on June 30, 20Y1, what amount should be reported as cash