Instructions Labels and Amount Descriptions The cash account for Norwegian Medical Co. at April 30 indicated a balance of $82.726. The bank statement indicated a balance of $128.040 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items Labels April 30 For the Month Ended April 30 a. Checks outstanding totaled $34,090 Amount Descriptions b. A deposit of $18,430, representing receipts of April 30, had been made too late to appear on the bank statement Bank error in charging check as $370 instead of $730 Bank error in charging check as $730 instead of $370 Bank service charges c. The bank collected $31,779 on a $29,700 note, including interest of $2,079. d. A check for $1,900 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $190. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account Check for $730 returned because of insuficient funds e. A check drawn for $370 had been erroneously charged by the bank as $730. Deposit of April 30, not recorded by bank 1. Bank service charges for Aprill amounted to $55. Error in recording check Error in recording deposit Bank Reconciliation Note and interest collected by bank Outstanding checks Final Question Prepare a bank reconciliation Be sure to complete the statement heading Refer to the Labels and Amount Descriptions for the exact wording of text entries "Add" or "Deduct will automatically appear if it is required Enter all amounts as positive numbers ra balance sheet is prepared for Nonvegian Medical Co. on April 30, what amount should be reported as cash? Norwegian Medical Co. Journal Bank Reconciliation (Label) Cash balance according to bank statement ournalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account the CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered 2 3 PAGE 1 ACCOUNTING EQUATION JOURNAL Adjusted balance DATE DESCRIPTION POSTA DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Cash balance according to company's records Chart of Accounts ASSETS CHART OF ACCOUNTS Norwegian Medical Co. General Ledger 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 145 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 Universal Supply Co 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