eNOWv2 | Online teach x ceAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator &inprogress=false Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal G Instructions The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $97,456. The bank statement indicated a balance of $127,960 on June 30: 2011. 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 r, 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 emoneously charged by the bank as $920 1. Bank service charges for June amounted to $40. Required: Next Check My Work 2 more Check My Work uses remaining Instructions 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 a $20,700 note, including interest of $1,449. d. A check for $1,450 returned w the statement had been incorrectly recorded by Pala Medical Co. as $145. The check was for the paymen 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. 1. Bank service charges for June amounted to $40. Required: 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? Check My Work 2 more Check My Work uses remaining. Chart of Accounts General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense E21 Adindinian Cunanan ctions Chart of Accounts 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 211 Accounts Payable-Skyline Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment. 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense Online teach x ment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator &inprogress=false k reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Jour structions Chart of Accounts Labels and Amount Descriptions Labels For the Month Ended June 30, 201 June 30, 2011 Amount Descriptions Adjusted balance Bank error in charging check as $920 instead of $290 Bank service charges Deposit in transit on June 30 Deposit of June 30, not recorded by bank Error in recording check Outstanding checks Note collected by bank, including $1,449 interest Check My Work 2 more Check My Work uses remaining All work saved. Equipment Equipment of Accounts abels and Amount Descriptions Bank Reconciliation 1 Cash balance according to bank statement 2 3 4 5 Pala Medical Co. Bank Reconciliation (Label) Labels and Amount Descriptions Bank Reconciliation 5 6 7 9 10 Cash balance according to company's records 11 12 13 econciliation and entries tructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal ctions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation eral Journal DATE DESCRIPTION JOURNAL ACCOUNTING EQU POST. REF DEBIT CREDIT ASSETS LIABILITIES