Instructions The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $93,115. The bank statement indicated a balance of $125,800 on June 30, 20Y1. Comparing the banki statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a Checks outstanding totaled $30,060 b. A deposit of $19,240, representing receipts of June 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 $1,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $180. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account A check drawn for $390 had been erroneously charged by the bank as $930. Bank service charges for June amounted to $50. Instructions Th sta Chart of Accounts CHART OF ACCOUNTS Pala Medical Co. General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over aring tions mart of Accounts 151 Prepaid Insurance 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 520 Salaries Expense 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 ctions hart of Accounts 211 Accounts Payabi-Sine Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 538 Store Suppies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense. 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends. Instructions Th sta Chart of Accounts 211 Accounts Payabie-Skyline Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 030 Store Suppees Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Bank Reconciliation 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 it it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 1 3 Cash balance according to bank statement Pala Medical Co. Bank Reconciliation June 30, 2011 Bank Reconciliation A 5 6 T 9 10 Cash balance according to company's records 11 12 13 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of acco C es. ank Reconciliation Journal 10 T DATE DESCRIPTION JOURNAL PAGE 1 ACCOUNTING EQUATION POST RE DEBIT CREDIT ASSETS LIABILITIES EQUITY urnal Final Question 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? TIE