ch7q1 can someone please help me answer this asap. would greatly appreciate it. thank you
The cash account for Pala Medical Co. at June 30,20Y1, indicated a balance of $97,456. The indicated a balance of $127,960 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 $30,050. b. A deposit of $19,720, representing receipts of June 30 , had been made too late to appear on the bank statement. c. The bank collected $22,149 on a $20,700 note, including interest of $1,449. d. A check for $1,450 returned with the statement had been incorrectly recorded by Pala Medical Co. as $145. The check was for the payment of an obligation to Skyline 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 June amounted to $40. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" \& "Deduct:" will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. a. Checks outstanding totaled $30,050. b. A deposit of $19,720, representing receipts of June 30 , had been made too late to appear on the bank statement. c. The bank collected $22,149 on a $20,700 note, including interest of $1,449. d. A check for $1,450 returned with the statement had been incorrectly recorded by Pala Medical Co. as $145. The check was for the payment of an obligation to Skyline 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 June amounted to $40. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" \& "Deduct:" will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? Bank Reconciliation Check My Work Next 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" \& "Deduct." will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Bank reconciliation and entries Bank Reconciliation 1 Cash balance according to bank statement 8 Cash balance according to company's records 13 Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles
