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 the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

STAY HOME, SAVE LIVES. Order your essay today and save 20% with the discount code ATOM