Bank Reconciliation and EntriesThe cash account for Norwegian Medical Co. at April 30 indicated a balance of $14,360. The bank statement indicated a balance of $16,680 on April 30. Comparing the bank statementand the accompanying canceled checks and memos with the records revealed the following reconciling items:a. Checks outstanding totaled $6,000.b. A deposit of $6,260, representing receipts of April 30, had been made too late to appear on the bank statement.c. The bank collected $3,250 on a $3,090 note, including interest of $160.d. A check for $770 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $700. The check was for the payment of an obligation to Universal SupplyCo. for a purchase on account.e. A check drawn for $60 had been erroneously charged by the bank as $600.f. Bank service charges for April amounted to $60.Required:1. Prepare a bank reconciliation.Norwegian Medical Co.Bank ReconciliationApril 30Cash balance according to bank statementAdjusted balance Cash balance according to company's recordsAdjusted balance2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. If an amount box does not require an entry, leave it blank.a. April 30b. April 303. If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash?

BRS stands for Bank reconciliation which shows the banking summary and the business activity that…

The cash account for Norwegian Medical Co. at April 30 indicated a balance of $14,360. The bank statement indicated a balance of $16,680 on April 30. Comparing th and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $6,000. b. A deposit of $6,260, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $3,250 on a $3,090 note, including interest of $160. d. A check for $770 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $700. The check was for the payment of an obligation to Co. for a purchase on account. e. A check drawn for $60 had been erroneously charged by the bank as $600. f. Bank service charges for April amounted to $60. Required: 1. Prepare a bank reconciliation. Norwegian Medical Co. Bank Reconciliation April 30 Cash balance according to bank statement

The cash account for Norwegian Medical Co. at April 30 indicated a balance of $14,360. The bank statement indicated a balance of $16,680 on April 30. Comparing th and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $6,000. b. A deposit of $6,260, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $3,250 on a $3,090 note, including interest of $160. d. A check for $770 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $700. The check was for the payment of an obligation to Co. for a purchase on account. e. A check drawn for $60 had been erroneously charged by the bank as $600. f. Bank service charges for April amounted to $60. Required: 1. Prepare a bank reconciliation. Norwegian Medical Co. Bank Reconciliation April 30 Cash balance according to bank statement

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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The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $26,110. Cash balance according to the bank statement at August 31, $27,460. Checks outstanding, $5,300. Deposit in transit not recorded by bank, $4,260. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash?
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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: 1. Prepare a bank reconciliation. Be sure to complete the statement heading. Refer to the Labels and…
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Prepare BRS?
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