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Obj. 5 • PR 7-3A Bank reconciliation and entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank state. ment and the accompanying canceled checks and memos with the records revealed the following reconciling items:

Obj. 5 • PR 7-3A Bank reconciliation and entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank state. ment and the accompanying canceled checks and memos with the records revealed the following reconciling items:

FINANCIAL ACCOUNTING
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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19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $135 (Delivery Expense). 30. Office supplies, $25. 31. The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from cash sales was $10,232. 31. Decreased the petty cash fund by $150. Instructions Journalize the transactions. • PR 7-3A Bank reconciliation and entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank state. ment and the accompanying canceled checks and memos with the records revealed the following reconciling items: Obį. 5 V1. Adjusted balance: $189,281 a. Checks outstanding totaled $19,427. b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $26,500 on a $25,000 note, including interest of $1,500. SHOW ME HOW EXCEL TEMPLATE d. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $195 had been erroneously charged by the bank as $915. f. Bank service charges for June amounted to $55. Instructions 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? PR 7-4A Bank reconciliation and entries The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. Obj 5 V1. Adjusted balance: $4,830 ing October, the total cash deposited was $39,175, and checks written totaled $40,520. The e statement indicated a balance of $8,980 on October 31, 20Y9. Comparing the bank statenec canceled checks, and the accompanying memos with the records revealed the following te ing iteme!
Transcribed Image Text:19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $135 (Delivery Expense). 30. Office supplies, $25. 31. The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from cash sales was $10,232. 31. Decreased the petty cash fund by $150. Instructions Journalize the transactions. • PR 7-3A Bank reconciliation and entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank state. ment and the accompanying canceled checks and memos with the records revealed the following reconciling items: Obį. 5 V1. Adjusted balance: $189,281 a. Checks outstanding totaled $19,427. b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $26,500 on a $25,000 note, including interest of $1,500. SHOW ME HOW EXCEL TEMPLATE d. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $195 had been erroneously charged by the bank as $915. f. Bank service charges for June amounted to $55. Instructions 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? PR 7-4A Bank reconciliation and entries The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. Obj 5 V1. Adjusted balance: $4,830 ing October, the total cash deposited was $39,175, and checks written totaled $40,520. The e statement indicated a balance of $8,980 on October 31, 20Y9. Comparing the bank statenec canceled checks, and the accompanying memos with the records revealed the following te ing iteme!
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