LTI Launch CengageNOWv2 | Online teach C A v2.cengagenow.com/ilrn/takeAssignment/takeAssign eAssignmentMall entMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=fals Press (fn) F to exit full screen Oh Ch7 Homework eBook Show Me How Print Item Bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $32,560 2. Cash balance according to the bank statement at August 31, $46,300. 3. Checks outstanding, $28,540. 4. Deposit in transit not recorded by bank, $16,375. 5. A check for $180 in payment of an account was erroneously recorded in the check register as $1,800. 6. Bank debit memo for service charges, $45 . Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co Bank Reconciliation August 31, 20Y6 Line Item Description Amount Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash? $ . Must a bank reconciliation always balance (reconcile)? Feedback Check My Work b. Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation. c. Consider the purpose of the bank reconciliation and what it does. Check My Work Previous Next Assignment Score: 30.33% Save and Exit Submit Assignment for GradingLTI Launch CengageNOWv2 | Online teach C A v2.cengagenow.com/ilrn/takeAssignment/takeAssign eAssignmentMall entMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Oh Ch7 Homework eBook Show Me How Print Item Entries for bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $32,560 2. Cash balance according to the bank statement at August 31, $46,300. 3. Checks outstanding, $28,540. 4. Deposit in transit not recorded by bank, $16,375. 5. A check for $180 in payment of an account was erroneously recorded in the check register as $1,800. 5. Bank debit memo for service charges, $45 Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. If an amount box does not require an entry, leave it blank. a. 20Y6 August 31 00 00 00 OC b. August 31 Check My Work Previous Next Assignment Score: 30.33% Save and Exit Submit Assignment for GradingLTI Launch CengageNOWv2 | Online teach C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch7 Homework eBook Show Me How Print Item Bank reconciliation and entries Instructions Chart of Accounts | Labels and Amount Descriptions | Bank Reconciliation General Journal Final Question Instructions X The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $19,427. b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $26,500 on a $25,000 note, including interest of $1,500 d. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $195 had been erroneously charged by the bank as $915. f. Bank service charges for June amounted to $55. Required: . Prepare a bank reconciliation. 2. Journalize the necessary entries. 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? Check My Work Previous Assignment Score: 30.33% Save and Exit Submit Assignment for GradingLTI Launch CengageNOWv2 | Online teach C A v2.cengagenow.com/ilrn/takeAssignment/takeAssign eAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch7 Homework eBook Show Me How Print Item Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal Final Question Instructions X Chart of Accounts X Thi paring the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: CHART OF ACCOUNTS Pala Medical Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Goods Sold 145 Office Supplies 515 Credit Card Expense 146 Store Supplies 516 Cash Short and Over 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Office Equipment 532 Delivery Expense 192 Accumulated Depreciation-Office Equipment 533 Insurance Expense 193 Store Equipment 34 Office Supplies Expense 194 Accumulated Depreciation-Store Equipment 535 Rent Expense 536 Repairs Expense LIABILITIES 37 Selling Expenses 211 Accounts Payable-Skyline Supply Co. $38 Store Supplies Expense 221 Notes Payable 61 Depreciation Expense-Office Equipment 222 Interest Payable 62 Depreciation Expense-Store Equipment 231 Salaries Payable 590 Miscellaneous Expense 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Check My Work Previous Assignment Score: 30.33% Save and Exit Submit Assignment for GradingLTI Launch CengageNOWv2 | Online teach C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch7 Homework eBook Show Me How Print Item Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal Final Question Labels and Amount Descriptions X Labels For the Month Ended June 30, 20Y1 June 30, 20Y1 Amount Descriptions Adjusted balance Bank error in charging check as $915 instead of $195 Bank service charges Deposit in transit on June 30 Error in recording check Note collected by bank, including $1,500 interest Outstanding checks Total additions Total deductions Check My Work Previous Assignment Score: 30.33% Save and Exit Submit Assignment for GradingLTI Launch CengageNOWv2 | Online teach C A v2.cengagenow.com/ilrn/takeAssignment/takeAssign eAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch7 Homework eBook Show Me How Print Item Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal Final Question Bank Reconciliation X . Prepare a bank reconciliation. Bank Reconciliation Instructions Pala Medical Co. Bank Reconciliation (Label) e according to bank sta 8 Cash balance according to company's records 10 11 12 13 Check My Work Previous Assignment Score: 30.33% Save and Exit Submit Assignment for GradingLTI Launch CengageNOWv2 | Online teach C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch7 Homework eBook Show Me How Print Item Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal Final Question Bank Reconciliation General Journal X 2. Journalize the necessary entries. Ba General Journal Instructions PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT S LIABILITIES EQUITY Check My Work Previous Assignment Score: 30.33% Save and Exit Submit Assignment for GradingLTI Launch CengageNOWv2 | Online teach C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch7 Homework eBook Show Me How Print Item Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal Final Question Bank Reconciliation X General Journal X Final Question X 2. 3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash? $ GE PAGE 1 EQUATION TIES EQUITY Check My Work Previous Assignment Score: 30.33% Save and Exit Submit Assignment for Grading