please note: red highlight means wrong, thank you so much

please note: red highlight means wrong, thank you so much

Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Instructions The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166.436. The bank statement indicated a balance of $195,688 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 $19,427 b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement c. The bank collected $26,500 on a $25,000 note, including interest of $1,500 d. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $195 had been erroneously charged by the bank as $915. 1. Bank service charges for June amounted to $55 1. Prepare a bank reconciliation. Refer to the Amount Descriptions Wat 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 Chart of Accounts for exact wording of accountitles 3. If a balance sheet were prepared for Pala Medical Co on June 30, 2011, what amount should be reported as cash? 1. Prepare a bank reconciliation Refer to the Amount Descriptions Nst 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. Pala Medical Co. Score: 18/106 Bank Reconciliation June 30, 20Y1 1 $195.688.00 Cash balance according to bank statement Add: Deposit in transit on June 30 $12,300.00 720.00 Bank error in charging check as $915 instead of $195 208,708.00 26,500.00 Outstanding checks $19.427.00 8 Cash balance according to company's records . Add: balance as per books $166,436.00 Deduct: Note collected by bank, including $1,500 interest 26,500.00 192,956.00 3,600,00 $55.00