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 $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 of an 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.
Required:
a. Prepare a bank reconciliation.
b. Journalize the necessary entries.
c. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?
Answers: 2
Business, 22.06.2019 13:40, allytrujillo20oy0dib
Randall's, inc. has 20,000 shares of stock outstanding with a par value of $1.00 per share. the market value is $12 per share. the balance sheet shows $42,000 in the capital in excess of par account, $20,000 in the common stock account, and $50,500 in the retained earnings account. the firm just announced a 5 percent (small) stock dividend. what will the balance in the retained earnings account be after the dividend?
Answers: 1
Business, 22.06.2019 17:00, HourlongNine342
Serious question, which is preferred in a business? pp or poopoo?
Answers: 1
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank sta...
English, 20.09.2020 15:01
Social Studies, 20.09.2020 15:01
History, 20.09.2020 15:01