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alexgriva [62]
2 years ago
6

The cash account for American Medical Co. at April 30 indicated a balance of $89,775. The bank statement indicated a balance of

$125,160 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 $31,540.B. A deposit of $18,000, representing receipts of April 30, had been made too late to appear on the bank statement.C. The bank collected $24,075 on a $22,500 note, including interest of $1,575.D. A check for $1,700 returned with the statement had been incorrectly recorded by American Medical Co. as $170. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account.E. A check drawn for $290 had been erroneously charged by the bank as $920.F. Bank service charges for April amounted to $70.Instructions1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Deduct:" or "Add:" will automatically appear if it is required.2. Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of account titles.3. If a balance sheet is prepared for American Medical Co. on April 30, what amount should be reported as cash?
Business
1 answer:
enyata [817]2 years ago
7 0

Answer:

1. Adjusted bank balance $112,250

Adjusted cash balance $112,250

2.April 30

Dr Cash $24,075

Cr Note receivable $22,500

Cr Interest revenue $1,575

April 30

Dr Accounts payable - Targhee Supply Co $1,530

Cr Cash $1,530

April 30

Dr Bank service charges $70

Cr Cash $70

3. $112,250

Explanation:

1. Preparation of a bank reconciliation

AMERICAN MEDICAL CO.

Bank ReconciliationApril 30

Cash balance according to bank statement $125,160

Add Deposit in transit $18,000

Add Correction of bank error $630

Less Checks outstanding totaled ($31,540)

Adjusted balance $112,250

Cash balance according to company’s records $89,775

Add Bank collection of note and interest 24,075

Less Bank service charges ($70)

Correction of book error ($1,530)

Adjusted balance $112,250

2. Preparation of the journal entries

April 30

Dr Cash $24,075

Cr Note receivable $22,500

Cr Interest revenue $1,575

($24,075-$22,500)

April 30

Dr Accounts payable - Targhee Supply Co $1,530

Cr Cash $1,530

April 30

Dr Bank service charges $70

Cr Cash $70

3. Based on the bank reconciliation the amount that should be reported as cash will be $112,250

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8 0
3 years ago
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A direct mailer falls under the category of sales, not marketing.<br><br> True<br> False
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Answer:

False.

Explanation:

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3 0
3 years ago
Clyde contracts with Deephole Excavation, Inc., to dig an agricultural pond on his farm. Deephole is to keep the excavated grave
anastassius [24]

Answer: Discharged

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8 0
3 years ago
Calculate the net debt of the company based on the information below:
galina1969 [7]

Answer:

$28,300

Explanation:

Calculation to determine the net debt

Using this formula

Net debt=(Short-term interest bearing debt +

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6 0
3 years ago
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