The cash account for Pala Medical Co. at June 30, 2011, indicated a balance of $146,035. The bank statement indicated a

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The Cash Account For Pala Medical Co At June 30 2011 Indicated A Balance Of 146 035 The Bank Statement Indicated A 1 (25.55 KiB) Viewed 39 times

The Cash Account For Pala Medical Co At June 30 2011 Indicated A Balance Of 146 035 The Bank Statement Indicated A 2 (27.55 KiB) Viewed 39 times

The Cash Account For Pala Medical Co At June 30 2011 Indicated A Balance Of 146 035 The Bank Statement Indicated A 3 (28.45 KiB) Viewed 39 times

The Cash Account For Pala Medical Co At June 30 2011 Indicated A Balance Of 146 035 The Bank Statement Indicated A 4 (19.15 KiB) Viewed 39 times

The Cash Account For Pala Medical Co At June 30 2011 Indicated A Balance Of 146 035 The Bank Statement Indicated A 5 (34.89 KiB) Viewed 39 times

The Cash Account For Pala Medical Co At June 30 2011 Indicated A Balance Of 146 035 The Bank Statement Indicated A 6 (35.19 KiB) Viewed 39 times

The Cash Account For Pala Medical Co At June 30 2011 Indicated A Balance Of 146 035 The Bank Statement Indicated A 7 (19.98 KiB) Viewed 39 times

The cash account for Pala Medical Co. at June 30, 2011, indicated a balance of $146,035. The bank statement indicated a balance of $181,965 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 $16,445 8. A deposit of $9.900, representing receipts of June 30, had been made too late to appear on the bank statement C. The bank collected $31.800 on a $30,000 note, including interest of $1,800. D. A check for $2,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $200. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. E. A check drawn for $170 had been erroneously charged by the bank as $710. F. Bank service charges for June amounted to $75. 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. 3. If a balance sheet were prepared for Pala Medical Co, on June 30, 20Y1, what amount should be reported as cash?

Bank Reconciliation 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you subtracted or negative numbers use a minus sign. Pala Medical Co. Bank Reconciliation June 30, 20Y1 1 Cash balance according to bank statement Adjustments: s Deposit of June 30, not recorded by bank Bank error in charging check as $710 instead of $170 Outstanding checks Total adjustments Adjusted balance 9,900.00 540.00 (16,445.00) Score: 92/108 $181,965.00 Shaded cells h (6,005.00) $175,960.00

Bank Reconciliation S Outstanding checks 6 Total adjustments 7 Adjusted balance B 9 Cash balance according to company's records 10 Adjustments: 11 Proceeds of note collected by bank, including $1,800 interest 12 Bank service charges 13 14 Error in recording check Total adjustments 15 Adjusted balance (16,445.00) $31,800.00 (75.00) (6,005.00) $175,960.00

Journal 2 Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. Question not attempted. DATE DESCRIPTION JOURNAL POST, RE DEBIT Score: 0/75 CREDIT Shaded cells have feedback. PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY

hart of Accounts ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable General Ledger 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense

hart of Accounts 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 211 Accounts Payable-Skyline Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY ,310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary 534 Omce Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense

3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? Feedback Check My Work Points: 0/1 Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error. Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation.