Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The cash account for Norwegian Medical Coat Apr 30 indicated a balance of $14,090. The bank statement indicated a balance of 516,040 on April 30.

image text in transcribed
image text in transcribed
image text in transcribed
The cash account for Norwegian Medical Coat Apr 30 indicated a balance of $14,090. The bank statement indicated a balance of 516,040 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,770 b. A deposit of $6,020, representing receipts of April 30, had been made too late to appear on the bank statement The bank collected $3.130 on a $2,970 note, including interest of $160 d. A check for $770 returned with the statement had been incorrectly recorded by Norwegian Medical Co, as $700. The check was for the payment of an obligation to Universal Supply Co for a purchase on account A check drawn for $90 had been erroneously charged by the bank as $900. Bank service charges for Apni amounted to $50 Required: 1. Prepare a bank reconciliation Norwegian Medical Co. Bank Reconciliation April 30 Cash balance according to bank statement bilo o Adjusted balance Cash balance according to company's records Required: 1. Prepare a bank reconciliation. Norwegian Medical Co. Bank Reconciliation April 30 Cash balance according to bank statement $ tA Adjusted balance Cash balance according to company's records Q000 DO Adjusted balance 2. Journalise the necessary entries (a) that increase cash and (b) that decrease cash. The accounts have not been doned an amount does not wait Auto Art 10 3. balance sheet is prepared for Norman Medical Coon Atil 30, what amount should be reported as cach

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles Volume 2

Authors: Kermit Larson, Heidi Dieckmann

15th Canadian Edition

1259087360, 9781259087363

Students also viewed these Accounting questions