ook Show Me How ank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Final Question nstructions The cash account for Pala Medical Co. at June 30, 2011, indicated a balance of $82,726 The bank statement indicated a balance of $128.040 on June 30, 20 checks and memos with the records revealed the following reconciling items. a a. Checks outstanding totaled $34.000 b. A deposit of $18,430, representing receipts of June 30, had been made too late to appear on the bank statement. c The bank collected $31.779 on a $20,700 note, including interest of $2,070 d A check for $1,900 returned with the statement had been incorrectly recorded by Pata Medical Co as $190. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account e. A check drawn for $370 had been erroneously charged by the bank as S730. 1. Bank service charges for June amounted to $55. Instructions 1. Prepare a bank reconciliation Refer to the Amount Descriptions kat 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 hart of Accounts for exact wording of account titles. 3. Na balance sheet were prepared for Pale Medical Co on June 30 2041, what amount should be reported ar cash? Bank Reconciliation My Work All work saved 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text must enter subtracted or negative numbers use a minus sign. Pala Medical Co. Score: 12/106 Bank Reconciliation June 30, 20Y1 2 3 1 Cash balance according to bank statement Add: Deposit in transit on June 30 Add: bank error in charging check as Outstanding checks Deduct: Total additions Adjusted balance 4 5 Cash balance according to company's records Add: Adjusted balance Deduct: note collected by bank, including 2079interest Deduct: Enot in recording check for 770 30 11 12 Check My Work All work saved How does groding work? JOURNAL Score: 70/75 ACCOUNTING DATE DESCRIPTION POST. RER DESIT CREDIT ASSETS ELABILITI 1 Jun 30 Cash 31.779.00 Notes Receivable 29,700.00 2,079.00 3 Interest Revenue Jun 30 1.710.00 Accounts Payable-Skyline Supply Co Cash 5 Miscellaneous Expense 55.00 FR MOW Keep in mind that the come to our ustid tem in the company section of the bank reconciliation because these have not been Service charges cecha come from creditoremo ke collections of notes or interest by the bankrease Cash the company made section the jour diment wou de Cash or increase Cash respectively Final Question Check My Wk All world eBook Show Me How Feedback Check My Work Keep in mind that the company needs to joumalize any adjusting items in the company section of the bank reconciliation, becz service charges decrease Cash. Items that come from credit memos like collections of notes or interest by the bank increase section, the journal adjustment would decrease Cash or increase Cash, respectively, Final Question 3. Ma balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? Feedback Check My Work Recall that when you are finished the adjusted balances in the bank and company sections of the reconciliation must be equal account balance is updated for any items in the company section of the bank reconciliation Check My Work il war er