CHART OF ACCOUNTS Pala Medical Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Recelvable 131 Notes Receivable EXPENSES 141 Marchandise invantory 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense Chart of Accounts 146 Store Supplies 516 Cash Short and Over 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Office Equipment 532 Delivery Expense 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 193 Store Equipment 534 Office Supplies Expense 194 Accumulated Depreciation-Store Equipment 535 Rent Expense 536 Repairs Expense LIABILITIES 537 Selling Expenses 211 Accounts Payable-Skyline Supply Co. 538 Store Supplies Expense 221 Notes Payable 561 Depreciation Expense-Office Equipment 222 Interest Payable 562 Depreciation Expense-Store Equipment Chart of Accounts 211 Aboounis rayadie-skyine suppy co. Dse slore suppes expense 221 Notes Payable 561 Depreciation Expense-Office Equipment 222. Interest Payable 562 Depreciation Expense-Store Equipment 231 Salaries Payable 590 Miscellaneous Expense 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends The cash eccount lor Pala Modical Co. at June 30, 20Y1, indicated a balanoe of $93,115. The bank statement indicated a balance of $125.800 on June 30,20Y1. Comparing the bank statement and the accompaning canceled checks and memos with the records revealed the following reconciling llems: a. Checks eutstanding totaled $30,060. b. A deposit of $19.240, representing receigts of June 30 , had been made too late to appear on the bank staternent. c. The bark coliected $24.075 on a $22,500 note, including interest of $1,575. d. Acheck for 51,800 retumed with the statement had been incorrectly recorded by Pala Medical Co. as $180. The check was for the payment of an obligation 6 Skyene Supply Co. Ior a purchase on account. e. A check drawn for $390 had been enroneously charged by the bank as $930. 1. Bank senve charges for June arnounied to $50. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer chaices for text entrias. "Add:" 8 "Deduct." wili automatically appear if it is required. For those boxes in which you must enter subfracted or negafive numbers use a minus sign. 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account tiles. 3. If a balance sheet were prepared for Paka Medical Co, on June 30,20Y1, what amount should be reported as cash? Instructions Chart of Accounts Bank Reconclilation 1 Cash balance according to bank statement 1 Add: Deposit of June 30, not recorded by bank 3. Add: Bank error in charging check as $930 instead of $390 5. Deduct: Outstanding checks Adjusted balance 1. Cash balance according to company's records 4 Add: Note collected by bank, including $1,575 interest 10 PuCE t 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash