Chapter 8 HMWK eBook Show Me How 1. TMM.08.01 Bank Reconciliation and Entries 2. TMM.08.02 3. TMM.08.04 4. TMM.08.05 The cash account for Norwegian Medical Co. at April 30 indicated balance of $10,400. The bank statement indicated a balance of $12,010 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 $4,320. b. A deposit of $4,500, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $2,340 on a $2,220 note, including interest of $120. 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 $40. Required: 5. TMM.08.06 6. PE.08.02B 7. PE.08.03B 8. PE.08.03.ALGO 9. PE.08.04.ALGO 1. Prepare a bank reconciliation. Norwegian Medical Co. Bank Reconciliation April 30 Cash balance according to bank statement Add deposit of April 30, not recorded by bank 10. EX.08.06 11. EX.08.07 Add bank error in charging check as $500 instead of $50 12. EX.08.16 Deduct outstanding checks 13. EX.08.18.ALGO Adjusted balance 14. EX.08.24.ALGO Cash balance according to company's records Add note and interest collected by bank oldu. 00 15. PR.08.03.ALGO Deduct error in recording check 16. PR.08.04.ALGO Deduct bank service charges Adjusted balance Chapter 8 HMWK eBook Show Me How Check My Work 1. TMM.08.01 2. TMM.08.02 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. 3. TMM.08.04 a. April 30 Cash 4. TMM.08.05 Notes Receivable Interest Revenue 5. TMM.08.06 100 000 III III 6. PE.08.02B b. April 30 Accounts Payable-Universal Supply Co. V Miscellaneous Expense 7. PE.08.03B Cash 8. PE.08.03.ALGO Feedback 9. PE.08.04.ALGO Check My Work 10. EX.08.06 11. EX.08.07 3. If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash? $ 12. EX.08.16 Feedback 13. EX.08.18.ALGO Check My Work 14. EX.08.24.ALGO 15. PR.08.03.ALGO Feedback 16. PR.08.04.ALGO Check My Work Check My Work Previous Next