The cash account for Pala Medical Co at June Y indicated a balance of $ The bank statement indicated a balance of $ on June Y Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
a Checks outstanding totaled $
b A deposit of $ representing receipts of June had been made too late to appear on the bank statement.
c The bank collected $ on a $ note, including interest of $
d A check for $ returned with the statement had been incorrectly recorded by Pala Medical Co as $ The check was for the payment of an obligation to Skyline Supply Co for a purchase on account.
e A check drawn for $ had been erroneously charged by the bank as $
f Bank service charges for June amounted to $
Instructions
Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add:" & "Deduct:" will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles.
If a balance sheet were prepared for Pala Medical Co on June Y what amount should be reported as cash?
