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Please help me to fill in the blanks. I will make sure to upvote, thank you so much. CHART OF ACCOUNTS Pala Medical Co. General
Please help me to fill in the blanks. I will make sure to upvote, thank you so much.
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If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? $________
The cash account for Pala Medical Co. at June 30,20Y, indicated a balance of $91,408. The indicated a balance of $126,590 on June 30 , 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $33,700. b. A deposit of $18,900, representing receipts of June 30 , had been made too late to appear on the bank statement. c. The bank collected $22,042 on a $20,600 note, including interest of $1,442. d. A check for $1,600 returned with the statement had been incorrectly recorded by Pala Medical Co. as $160. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $680 had been erroneously charged by the bank as $860. f. 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? Labels and Amount Descriptions Bank Reconciliation Pala Medical Co. Bank Reconciliation (Label) 1 Cash balance according to bank statement 2 3 4 5 6 7 8 Cash balance according to company's records 9 10 11 12 13 2. Journalize the necessary entries. General Journal InstructionsStep by Step Solution
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