The cash account for pala medical co. at june 30, 20y1, indicated a balance of $166,436. the bank statement indicated a balance of $195,688 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 $19,427.
b. a deposit of $12,300, representing receipts of june 30, had been made too late to appear on the bank statement.
c. the bank collected $26,500 on a $25,000 note, including interest of $1,500.
d. a check for $4,000 returned with the statement had been incorrectly recorded by pala medical co. as $400. the check was for the payment of an obligation to skyline supply co. for a purchase on account.
e. a check drawn for $195 had been erroneously charged by the bank as $915.
f. bank service charges for june amounted to $55.
1. 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 minus sign.
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?
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The cash account for pala medical co. at june 30, 20y1, indicated a balance of $166,436. the bank st...
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