The cash account for American Medical Co. at April 30 indicated a balance of $84,457. The bank statement indicated a balance of $127,190 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 $33,310. B. A deposit of $17,610, representing receipts of April 30, had been made too late to appear on the bank statement. C. The bank collected $28,248 on a $26,400 note, including interest of $1,848. D. A check for $1,100 returned with the statement had been incorrectly recorded by American Medical Co. as $110. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. E. A check drawn for $680 had been erroneously charged by the bank as $860. F. Bank service charges for April amounted to $45.     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?     Chart of Accounts     CHART OF ACCOUNTS American Medical Co. General Ledger   ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 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   LIABILITIES 211 Accounts Payable-Targhee Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable   EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary   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 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     Amount Descriptions     Amount Descriptions   Bank error in charging check as $680 instead of $860   Bank error in charging check as $860 instead of $680   Bank service charges   Check for $860 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       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. “Deduct:” or “Add:” will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions.   AMERICAN MEDICAL CO. Bank Reconciliation April 30 1 Cash balance according to bank statement     2       3       4       5       6 Adjusted balance     7       8 Cash balance according to company’s records     9       10       11       12       13 Adjusted balance

The cash account for American Medical Co. at April 30 indicated a balance of $84,457. The bank statement indicated a balance of $127,190 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 $33,310.
B. A deposit of $17,610, representing receipts of April 30, had been made too late to appear on the bank statement.
C. The bank collected $28,248 on a $26,400 note, including interest of $1,848.
D. A check for $1,100 returned with the statement had been incorrectly recorded by American Medical Co. as $110. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account.
E. A check drawn for $680 had been erroneously charged by the bank as $860.
F. Bank service charges for April amounted to $45.
 
  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?
 
 
Chart of Accounts
 
 
CHART OF ACCOUNTS
American Medical Co.
General Ledger
  ASSETS
110 Cash
111 Petty Cash
120 Accounts Receivable
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
  LIABILITIES
211 Accounts Payable-Targhee Supply Co.
221 Notes Payable
222 Interest Payable
231 Salaries Payable
241 Sales Tax Payable
  EQUITY
310 Owner, Capital
311 Owner, Drawing
312 Income Summary
  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
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
 
 
Amount Descriptions
 
 
Amount Descriptions
 
Bank error in charging check as $680 instead of $860  
Bank error in charging check as $860 instead of $680  
Bank service charges  
Check for $860 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  
 
 
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. “Deduct:” or “Add:” will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions.
 
AMERICAN MEDICAL CO.
Bank Reconciliation
April 30
1
Cash balance according to bank statement
 
 
2
 
 
 
3
 
 
 
4
 
 
 
5
 
 
 
6
Adjusted balance
 
 
7
 
 
 
8
Cash balance according to company’s records
 
 
9
 
 
 
10
 
 
 
11
 
 
 
12
 
 
 
13
Adjusted balance
 
 
 
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