The cash account for Norwegian Medical Co. at April 30 indicated a balance of $91,408. The bank statement indicated a balance of $126,590 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 $33,700.b.A deposit of $18,900, representing receipts of April 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 Norwegian Medical Co. as $160. The check was for the payment of an obligation to Universal 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 April amounted to $40.need bank reconciliation journal entry If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash?

A bank reconciliation statement is a summary of the business and banking accounts that ties a…

Answered: balance of $126,590 on April 30.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The cash account for Norwegian Medical Co. at April 30 indicated a balance of $91,408. The bank statement indicated a balance of $126,590 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 $33,700.
b.	A deposit of $18,900, representing receipts of April 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 Norwegian Medical Co. as $160. The check was for the payment of an obligation to Universal 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 April amounted to $40.

need bank reconciliation

journal entry

If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash?

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