I submitted this question a few moments ago and realized I didn't attach all the images. Submitting again with BOTH this time! :) Problem #PR 8-3A and excel template I'm stuck on.Thanks! 1.AMERICAN MEDICAL CO.Bank ReconciliationApril 30Cash balance according to bank statement$ 388,600Add:Deposit of April 30, not recorded by bankBank error in charging check as $420 instead of $24042,50018042,680Deduct: Outstanding checksAdjusted balance61,280$ 370,000Cash balance according to company's recordsNote and interest collected by bankAdd:42,000Deduct: Error in recording checkBank service charges6,8401456,985Adjusted balance2.April 30 Cash42,000Notes Receivable40,000Interest Revenue2,000Accounts Payable - Targhee Supply Co.Miscellaneous Expense30145Cash3.Amount to be reported on April 30 balance sheet%24%24 ndicate why it exists.PR 8-2A Transactions for petty cash, cash short and overJeremiah Restoration Company completed the following selected transactions duringgExcelJan. 1.Established a petty cash fund of $900.12. The cash sales for the day, according to the cash register records, totaled $6,148.The actual cash received from cash sales was $6,180.How31. Petty cash on hand was $75. Replenished the petty cash fund for the followingdisbursements, each evidenced by a petty cash receipt:Chapter 8 Internal Control and Cash431Jan. 3. Store supplies, $470.7. Express charges on merchandise sold, $55 (Delivery Expense).9. Office supplies, $30.13. Office supplies, $11.19. Postage stamps, $55 (Office Supplies).21. Repair to office file cabinet lock, $60 (Miscellaneous AdministrativeExpense).22. Postage due on special delivery letter, $30 (Miscellaneous AdministrativeExpense).24. Express charges on merchandise sold, $85 (Delivery Expense).30. Office supplies, $14.Jan. 31. The cash sales for the day, according to the cash register records, totaled $4,550.The actual cash received from cash sales was $4,536.31. Decreased the petty cash fund by $200.InstructionsJournalize the transactions.PR 8-3A Bank reconciliation and entriesST80The cash account for American Medical Co. at April 30 indicated a balance of $334,985.The bank statement indicated a balance of $388,600 on April 30. Comparing the bankstatement and the accompanying canceled checks and memos with the records revealedthe following reconciling items:a. Checks outstanding totaled $61,280.Adjusted balance:Excelb. A deposit of $42,500, representing receipts of April 30, had been made too late toappear on the bank statement.GeneralLedgerc. The bank collected $42,000 on a $40,000 note, including interest of $2,000.d. A check for $7,600 returned with the statement had been incorrectly recorded byAmerican Medical Co. as $760. The check was for the payment of an obligation toTarghee Supply Co. for a purchase on account.e. A check drawn for $240 had been erroneously charged by the bank as $420.f Bank service charges for April amounted to $145.

Bank reconciliation statement is prepared to find out if there is any mismatch between the cash balance as per books and bank.Formulas:

Business

Accounting

The cash account for American Medical Co. at April 30 indicated a balance of $334.985. The bank statement indicated a balance of $388,600 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 $61,280. b. A deposit of $42,500, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $42,000 on a $40,000 note, including interest of $2,000. d. A check for $7,600 returned with the statement had been incorrectly recorded by American Medical Co. as $760. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. 2. A check drawn for $240 had been erroneously charged by the bank as $420. - Bank service charges for April amounted to $145.

The cash account for American Medical Co. at April 30 indicated a balance of $334.985. The bank statement indicated a balance of $388,600 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 $61,280. b. A deposit of $42,500, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $42,000 on a $40,000 note, including interest of $2,000. d. A check for $7,600 returned with the statement had been incorrectly recorded by American Medical Co. as $760. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. 2. A check drawn for $240 had been erroneously charged by the bank as $420. - Bank service charges for April amounted to $145.

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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