8-3a-american medical co – bank reconciliation

  

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.

 

C.

The bank collected $42,000 on a $40,000 note, including interest of   $2,000.

 

D.

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.

 

E.

A check drawn for $240 had been erroneously charged by the bank as   $420.

 

F.

Bank service charges for April amounted to $145.

Amount Descriptions

Bank error in charging check as $240 instead of   $420

Bank error in charging check as $420 instead of   $240

Bank service charges

Check for $420 returned because of insufficient   funds

Deposit of April 30, not recorded by bank

Error in recording check

Error in recording April 30 deposit

Outstanding checks

Note and interest collected by bank

    

Instructions

 

1.

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?

3. If a balance sheet is prepared for American   Medical Co. on April 30, what amount should be reported as cash?

                

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
4.9
Sitejabber
4.6
Trustpilot
4.8
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.