The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $82,726. The bank statement indicated a balance of $128,040 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. A. Checks outstanding totaled $34,090. B. A deposit of $18,430, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $31,779 on a $29,700 note, including interest of $2,079. D. A check for $1,900 returned with the statement had been incorrectly recorded by Pala Medical Co. as $190. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. E. A check drawn for $370 had been erroneously charged by the bank as $730. F. Bank service charges for June amounted to $55. I. Prepare a bank reconciation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Score: 88/108 Pala Medical Co. Bank Reconciliation June 30, 20Y1 12804000 Cash balance according to bank statement 2 Adjustments SDeposit of June 30,not recorded by bank 18,430.00 360.00 18,070.00 Bank error in charging chec as $730 instead of $370 5Cutstanding checks 6 Total adjustments 7Adjusted balance 109,970.00 $18,070.00 9 Cash balance according to company's records $82,72600 0 Adjustments: Proceeds of note collected by bank, including $2,079 interest 12 Error in recording chedk 13 Bank sevice charges 14 ot adjustments L5 Adjusted balance 31,779.00 (1.710.00) 55.00) 33,544.00 66,666.00
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $82,726. The bank statement indicated a balance of $128,040 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
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A. |
Checks outstanding totaled $34,090. |
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B. |
A deposit of $18,430, representing receipts of June 30, had been made too late to appear on the bank statement. |
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C. |
The bank collected $31,779 on a $29,700 note, including interest of $2,079. |
|
D. |
A check for $1,900 returned with the statement had been incorrectly recorded by Pala Medical Co. as $190. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. |
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E. |
A check drawn for $370 had been erroneously charged by the bank as $730. |
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F. |
Bank service charges for June amounted to $55. |
I. Prepare a bank reconciation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Score: 88/108 Pala Medical Co. Bank Reconciliation June 30, 20Y1 12804000 Cash balance according to bank statement 2 Adjustments SDeposit of June 30,not recorded by bank 18,430.00 360.00 18,070.00 Bank error in charging chec as $730 instead of $370 5Cutstanding checks 6 Total adjustments 7Adjusted balance 109,970.00 $18,070.00 9 Cash balance according to company's records $82,72600 0 Adjustments: Proceeds of note collected by bank, including $2,079 interest 12 Error in recording chedk 13 Bank sevice charges 14 ot adjustments L5 Adjusted balance 31,779.00 (1.710.00) 55.00) 33,544.00 66,666.00
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