cash account for Norwegian Medical Co. at April 30 indicated a balance of $403,784. The bank statement indicated a balance of $468,460 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 $73,870.b.A deposit of $51,230, representing receipts of April 30, had been made too late to appear on the bank statement.c.The bank collected $50,630 on a $48,220 note, including interest of $2,410.d.A check for $9,160 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $916. 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 $170. Required:

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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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cash account for Norwegian Medical Co. at April 30 indicated a balance of $403,784. The bank statement indicated a balance of $468,460 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 $73,870.
b.	A deposit of $51,230, representing receipts of April 30, had been made too late to appear on the bank statement.
c.	The bank collected $50,630 on a $48,220 note, including interest of $2,410.
d.	A check for $9,160 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $916. 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 $170.

	Required:

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