THE CASH ACCOUNT FOR REMEDY MEDICAL CO. AT APRIL 30, 2014, INDICATED A BALANCE OF $18,885. THE BANK STATEMENT INDICATED A BALANCE OF $23,775 ON APRIL 30, 2014. COMPARING THE BANK STATEMENT AND THE ACCOMPANYING CANCELED CHECKS AND MEMOS WITH THE RECORDS REVEALED THE FOLLOWING RECONCILING ITEMS: CHECKS OUTSTANDING TOTALED $7,840. A DEPOSIT OF $3,580, REPRESENTING RECEIPTS OF APRIL 30, HAD BEEN MADE TOO LATE TO APPEAR ON THE BANK STATEMENT. THE BANK COLLECTED $3,780 ON A NOTE LEFT FOR COLLECTION. THE FACE OF NOTE WAS $3,600. A CHECK FOR $770 RETURNED WITH THE STATEMENT HAD BEEN INCORRECTLY RECORDED BY REMEDY MEDICAL CO. AS $700. THE CHECK WAS FOR THE PAYMENT OF AN OBLIGATION TO COPELIN CO. FOR A PURCHASE ON ACCOUNT. A CHECK DRAWN FOR $330 HAD BEEN ERRONEOUSLY CHARGED BY THE BANK AS $3,300. BANK SERVICE CHARGES FOR APRIL AMOUNTED TO $110. 1. PREPARE A BANK RECONCILIATION. 2. JOURNALIZE THE NECESSARY ENTRIES. 3. IF A BALANCE SHEET WERE PREPARED FOR REMEDY MEDICAL CO. ON APRIL 30, 2014, WHAT AMOUNT SHOULD BE REPORTED AS CASH?

THE CASH ACCOUNT FOR REMEDY MEDICAL CO. AT APRIL 30, 2014, INDICATED A BALANCE OF $18,885. THE BANK STATEMENT INDICATED A BALANCE OF $23,775 ON APRIL 30, 2014. COMPARING THE BANK STATEMENT AND THE ACCOMPANYING CANCELED CHECKS AND MEMOS WITH THE RECORDS REVEALED THE FOLLOWING RECONCILING ITEMS: CHECKS OUTSTANDING TOTALED $7,840. A DEPOSIT OF $3,580, REPRESENTING RECEIPTS OF APRIL 30, HAD BEEN MADE TOO LATE TO APPEAR ON THE BANK STATEMENT. THE BANK COLLECTED $3,780 ON A NOTE LEFT FOR COLLECTION. THE FACE OF NOTE WAS $3,600. A CHECK FOR $770 RETURNED WITH THE STATEMENT HAD BEEN INCORRECTLY RECORDED BY REMEDY MEDICAL CO. AS $700. THE CHECK WAS FOR THE PAYMENT OF AN OBLIGATION TO COPELIN CO. FOR A PURCHASE ON ACCOUNT. A CHECK DRAWN FOR $330 HAD BEEN ERRONEOUSLY CHARGED BY THE BANK AS $3,300. BANK SERVICE CHARGES FOR APRIL AMOUNTED TO $110. 1. PREPARE A BANK RECONCILIATION. 2. JOURNALIZE THE NECESSARY ENTRIES. 3. IF A BALANCE SHEET WERE PREPARED FOR REMEDY MEDICAL CO. ON APRIL 30, 2014, WHAT AMOUNT SHOULD BE REPORTED AS CASH?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is The NPV for Machine B=
How do I calculate FIFO and LIFO?
What are the major inputs to the MRP system?
The standard-costir makes calculati
How can we compute the true IRR, or RIC, as a function of the MARR?
How can thepayback method be useful?
Explain high-low method.