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CAN AN ACCOUNTANT HELP ME WITH MY ACCOUNTING HOMEWORK PLEASE:) The cash account for Capstone Medical Co. at November 30, 2016, indicated a balance of
CAN AN ACCOUNTANT HELP ME WITH MY ACCOUNTING HOMEWORK PLEASE:)
The cash account for Capstone Medical Co. at November 30, 2016, indicated a balance of $89,775. The bank statement indicated a balance of $125,160 on November 30, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $31,540. B. A deposit of $18,000, representing receipts of November 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 $1,700 returned with the statement had been incorrectly recorded by Capstone Medical Co. as $170. The check was for the payment of an obligation to ABC Supply Co. for a purchase on account. E. A check drawn for $290 had been erroneously charged by the bank as $920. F. Bank service charges for November amounted to $70. 2. Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of account titles. Question not attempted. PAGE 1 JOURNAL Score: 0/75 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 3. If a balance sheet were prepared for Capstone Medical Co. on November 30, 2016, what amount should be reported as cash? $Step by Step Solution
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