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Anastaziya [24]
3 years ago
5

The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of

$388,600 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 $61,280. B.A deposit of $42,500, representing receipts of April 30, had been made too late to appear on the bank statement.
Business
1 answer:
vampirchik [111]3 years ago
8 0

Answer:

Missing word <em>"The bank collected $42,000 on a $40,000 note, including interest of $2,000. A check for $7,600 returned with the statement had been incorrectly recorded by American Medical Co. as $760. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $240 had been erroneously charged by the bank as $420. Bank service charges for April amounted to $145. Instructions: Prepare a bank reconciliation."</em>

<em />

                          Bank reconciliation statement

Particulars                                                                            Amount ($)

Balance as per bank statement                        388,600

Add: Deposit in transit                                       42,500

Add: Error in recording the check (420-240)   <u>   180      </u>     431,280

Less: Outstanding checks                                                    <u>(61,280)</u>

Adjusted balance as per Bank statement                         <u>370,000</u>

                          Bank reconciliation statement

Particulars                                                                            Amount ($)

Balance as per books                                     334,985

Add: Note collected                                        40,000

Add: Interest collected                                    <u> 2,000   </u>        376,985

Less: Error in recording check (7,600-760)                          (6,840)

Less: Service charges levied                                                 <u>(145)     </u>

Adjusted balance as per books                                           <u>370,000</u>

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