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The cash account for Pala Medical Co . at June 3 0 , 2 0 Y 1 , indicated a balance of $ 1 6
The cash account for Pala Medical Co at June Y indicated a balance of $ The bank statement indicated a balance of
$ on June Y Comparing the bank statement and the accompanying canceled checks and memos with the records revealed
the following reconciling items:
a Checks outstanding totaled $
b A deposit of $ representing receipts of June had been made too late to appear on the bank statement.
c The bank collected $ on a $ note, including interest of $
d A check for $ returned with the statement had been incorrectly recorded by Pala Medical Co as $ The check was for
the payment of an obligation to Skyline Supply Co for a purchase on account.
e A check drawn for $ had been erroneously charged by the bank as $
f Bank service charges for June amounted to $
Required:
Prepare a bank reconciliation.
Journalize the necessary entries.
If a balance sheet were prepared for Pala Medical Co on June Y what amount should be reported as cash?
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