Alabama A&M AppsAnywhere* CengageNOWv2 | Online teachin x+ContentA v2.cengagenow.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseE Apps M GmailA Mapsa NewsE Reading listYouTubeE_CH7еВookShow Me HowDAIK TecoICation anu ennesInstructionsChart of AccountsAmount DescriptionsBank ReconciliationJournalInstructionsd. A check for $1,100 returned with the statement had been incorrectly recorded by Pala Medical Co. as $110. The check was for the payment ofan obligation to Skyline 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 June amounted to $45.Instructions1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:"& "Deduct:" will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minussign.2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles.3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?3:30 РMP Type here to searchaO & O G 4)6/19/2021近 Alabama A&M AppsAnywhere* CengageNOWv2 | Online teachin x+ContentA v2.cengagenow.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseE Apps M GmailYouTubeA Mapsa NewsE Reading listE_CH7еВookShow Me HowDaIK TecoICation anu entnesInstructionsChart of AccountsAmount DescriptionsBank ReconciliationJournalInstructionsThe cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank statement indicated a balance of $127,190 on June 30,20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:a. Checks outstanding totaled $33,310.b. A deposit of $17,610, representing receipts of June 30, had been made too late to appear on the bank statement.c. The bank collected $28,248 on a $26,400 note, including interest of $1,848.d. A check for $1,100 returned with the statement had been incorrectly recorded by Pala Medical Co. as $110. The check was for the payment ofan obligation to Skyline 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 June amounted to $45.Instructions3:30 РMP Type here to searchaO & O G 4)6/19/2021近

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank statement indicated a balance of $127,190 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $33,310. b. A deposit of $17,610, representing receipts of June 30, had been made too late to appear on the bank statement. c The bank collected S28,248 on a $26,400 note, including interest of $1,848. d. A check for $1,100 returned with the statement had been incorrectly recorded by Pala Medical Co. as $110. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account e. A check drawn for S680 had been erroneously charged by the bank as $860. E. Bank service charges for June amounted to S45. Instructions

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank statement indicated a balance of $127,190 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $33,310. b. A deposit of $17,610, representing receipts of June 30, had been made too late to appear on the bank statement. c The bank collected S28,248 on a $26,400 note, including interest of $1,848. d. A check for $1,100 returned with the statement had been incorrectly recorded by Pala Medical Co. as $110. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account e. A check drawn for S680 had been erroneously charged by the bank as $860. E. Bank service charges for June amounted to S45. Instructions

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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