Online Medical

The cash account for Online Medical Co. at June 30 2014 indicated a balance of $9925. The bank st Show more The cash account for Online Medical Co. at June 30 2014 indicated a balance of $9925. The bank statement indicated a balance of $11540 on June 30 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4150. A deposit of $4330 representing receipts of June 30 had been made too late to appear on the bank statement. The bank had collected $2250 on a note left for collection. The face of the note was $2130. A check for $440 returned with the statement had been incorrectly recorded by Online Medical Co. as $400. The check was for the payment of an obligation to Hirsch Co. for the purchase on account. A check drawn for $40 had been erroneously charged by the bank as $400. Bank service charges for June amounted to $55. Cash balance according to bank statement add deposit of June 30 not recorded by bank add bank error in charging check at 400 and no 40 deduct outstanding checks adjusted balance case balance according to company records add proceeds of note collected by bank including 120 interest deduct error in recording check deduct bank service charges adjusted balance Show less

 

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