Bank Reconciliation and Entries The cash account for Norwegian Medical Co. at April 30 indicated a balance of $14,135. The bank statement indicated a balance of $16,210 on April 30. Comparing the bank statement and the accompanying canceled checks and memos wit the records revealed the following reconciling items: a. Checks outstanding totaled $5,840. b. A deposit of $6,080, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $3,160 on a $3,000 note, including interest of $160. d. A check for $880 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $800. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $80 had been erroneously charged by the bank as $800. f. Bank service charges for April amounted to $45. Required: 1. Prepare a bank reconciliation. Norwegian Medical Co. Bank Reconciliation. April 30 Cash balance according to bank statement Adjusted balance Cash balance according to company's records 000000 00

Bank Reconciliation and Entries The cash account for Norwegian Medical Co. at April 30 indicated a balance of $14,135. The bank statement indicated a balance of $16,210 on April 30. Comparing the bank statement and the accompanying canceled checks and memos wit the records revealed the following reconciling items: a. Checks outstanding totaled $5,840. b. A deposit of $6,080, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $3,160 on a $3,000 note, including interest of $160. d. A check for $880 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $800. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $80 had been erroneously charged by the bank as $800. f. Bank service charges for April amounted to $45. Required: 1. Prepare a bank reconciliation. Norwegian Medical Co. Bank Reconciliation. April 30 Cash balance according to bank statement Adjusted balance Cash balance according to company's records 000000 00

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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