Instructions
The cash account for Pala Medical Co at June 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 $
Required:
Prepare a bank reconciliation.
Journalize the necessary entries.
If a balance sheet were prepared for Pala Medical Co C June Y what amount should be reported as cash?
