PR 8-3A Bank reconciliation and entries OBJ.S The 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. Instructions 1. Prepare a bank reconciliation.
PR 8-3A Bank reconciliation and entries OBJ.S The 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. Instructions 1. Prepare a bank reconciliation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![PR 8-3A Bank reconciliation and entries
OBJ. S
The 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.
Instructions
1. Prepare a bank reconciliation.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff968ba6d-f41b-4baf-9bac-ea7255939d3a%2F5f79cfa1-67d1-465a-9507-f2745f3f919d%2Flipeqa4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:PR 8-3A Bank reconciliation and entries
OBJ. S
The 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.
Instructions
1. Prepare a bank reconciliation.
![Norwegian MEDICAL CO.
Bank Reconciliation
April 30
Cash balance according to bank statement
Less: Checks outstanding
Add: Deposit in Transit
Less: Collection of Note(Including Interest)
Add: Check return and recorded by Company as $916 instead of
Adjusted balance
Cash balance according to company's records
Adjusted balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff968ba6d-f41b-4baf-9bac-ea7255939d3a%2F5f79cfa1-67d1-465a-9507-f2745f3f919d%2Fh61nau_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Norwegian MEDICAL CO.
Bank Reconciliation
April 30
Cash balance according to bank statement
Less: Checks outstanding
Add: Deposit in Transit
Less: Collection of Note(Including Interest)
Add: Check return and recorded by Company as $916 instead of
Adjusted balance
Cash balance according to company's records
Adjusted balance
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