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Category > Accounting Posted 02 Aug 2017 My Price 9.00

Remedy Medical Co.

PR 7-3A Bank reconciliation and entries

The cash account for Remedy Medical Co. at April 30, 2014, indicated a balance of $18,885.

The bank statement indicated a balance of $23,775 on April 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

a. Checks outstanding totaled $7,840.

b. A deposit of $3,580, representing receipts of April 30, had been made too late to appear on the bank statement.

c. The bank collected $3,780 on a note left for collection. The face of note was $3,600.

d. A check for $770 returned with the statement had been incorrectly recorded by Remedy Medical Co. as $700. The check was for the payment of an obligation to Copelin Co. for a purchase on account.

e. A check drawn for $330 had been erroneously charged by the bank as $3,300.

f. Bank service charges for April amounted to $110.

Instructions

1. Prepare a bank reconciliation.

2. Journalize the necessary entries. The accounts have not been closed.

3. If a balance sheet were prepared for Remedy Medical Co. on April 30, 2014, what amount should be reported as cash?

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 11:08 AM My Price 9.00

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