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messig Mandolignment a. Checks outstanding totaled $4,680. b. A deposit of $4,870, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank collected $2,530 on a $2,400 note, including interest of $130. d. A check for $550 returned with the statement had been incorrectly recorded by Pala Medical Co, as $500. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $50 had been erroneously charged by the bank as $500. 1. Bank service charges for June amounted to $55. Required: 1. Prepare a bank reconciliation Pala Medical Co. Bank Reconciliation June 30, 2011 Cash balance according to bank statement Adjustments Deposit of June 30, not recorded by bank Bank error in charging check as $500 instead of $50 Outstanding checks 12,990 4,070 450 4420 13,310 Total adjustments Nav 12,990 4,870 450 4,420 18,310 Cash balance according to bank statement Adjustments: Deposit of June 30, not recorded by bank Bank error in charging check as $500 instead of $50 Outstanding checks Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Proceeds of note collected by bank, including $130 interest Error in recording check. Bank service charges Total adjustments Adjusted balance 4,680 13,630 11,205 50 55 11,100 24,730 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For Check My Work 1 more Check My Work uses remaining Check my work 2. Keep in mind that the company needs to Journalize any adjusting items in the company section of the bank reconciliation, because previously recorded by the company. Debit memo items like bank service charges decrease Cash Items that come from credit memos notes or interest by the bank increase cash. If the company made an error that overstates or understates cash in the company section adjustment would decrease Cash or increase Cash, respectively, Learning Objective 5 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? 24,730 x Feedback Check My Work 1 & 3. Set up two sections: one for the company cash account section and the other for the bank balance section Letermine the effect on section. Recall that when you are finished the adjusted balances in the bank and company sections of the reconciliation must be equal. been overlooked or treated in error Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation Learning Objective 5