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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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
Transcribed Image Text:1.
AMERICAN MEDICAL CO.
Bank Reconciliation
April 30
Cash balance according to bank statement
$ 388,600
Add:
Deposit of April 30, not recorded by bank
Bank error in charging check as $420 instead of $240
42,500
180
42,680
Deduct: Outstanding checks
Adjusted balance
61,280
$ 370,000
Cash balance according to company's records
Note and interest collected by bank
Add:
42,000
Deduct: Error in recording check
Bank service charges
6,840
145
6,985
Adjusted balance
2.
April 30 Cash
42,000
Notes Receivable
40,000
Interest Revenue
2,000
Accounts Payable - Targhee Supply Co.
Miscellaneous Expense
30
145
Cash
3.
Amount to be reported on April 30 balance sheet
%24
%24

Transcribed Image Text:ndicate why it exists.
PR 8-2A Transactions for petty cash, cash short and over
Jeremiah Restoration Company completed the following selected transactions duringg
Excel
Jan. 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.
How
31. Petty cash on hand was $75. Replenished the petty cash fund for the following
disbursements, each evidenced by a petty cash receipt:
Chapter 8 Internal Control and Cash
431
Jan. 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 Administrative
Expense).
22. Postage due on special delivery letter, $30 (Miscellaneous Administrative
Expense).
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.
Instructions
Journalize the transactions.
PR 8-3A Bank reconciliation and entries
ST80
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.
Adjusted balance:
Excel
b. A deposit of $42,500, representing receipts of April 30, had been made too late to
appear on the bank statement.
General
Ledger
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.
e. A check drawn for $240 had been erroneously charged by the bank as $420.
f Bank service charges for April amounted to $145.
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