Business, 13.04.2021 02:30 megandalolipop

The cash account for Norwegian Medical Co. at April 30 indicated a balance of $10,185. The bank statement indicated a balance of $11,500 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 $4,140.
b. A deposit of $4,310, representing receipts of April 30, had been made too late to appear on the bank statement.
c. The bank collected $2,240 on a $2,130 note, including interest of $110.
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 Supply Co. for a purchase on account.
e. A check drawn for $70 had been erroneously charged by the bank as $700.
f. Bank service charges for April amounted to $55.
Required:
1. Prepare a bank reconciliation.
2. Journalize the necessary entries.
3. If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash?

Answers: 3

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The cash account for Norwegian Medical Co. at April 30 indicated a balance of $10,185. The bank stat...