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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 accompa canceled checks and memos with the records revealed the following reconciling items: 1. Checks outstanding totaled $34,090. 2. A deposit of $18,430, representing receipts of April 30, had been made too late to appear on the bank statement. 3. The bank collected $31,779 on a $29,700 note, including interest of $2,079. 4. A check for $1,900 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $190. The check was for the

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 accompa canceled checks and memos with the records revealed the following reconciling items: 1. Checks outstanding totaled $34,090. 2. A deposit of $18,430, representing receipts of April 30, had been made too late to appear on the bank statement. 3. The bank collected $31,779 on a $29,700 note, including interest of $2,079. 4. A check for $1,900 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $190. The check was for the

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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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 accompa canceled checks and memos with the records revealed the following reconciling items: 1. Checks outstanding totaled $34,090. 2. A deposit of $18,430, representing receipts of April 30, had been made too late to appear on the bank statement. 3. The bank collected $31,779 on a $29,700 note, including interest of $2,079. 4. 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. 5. A check drawn for $370 had been erroneously charged by the bank as $730. 6. Bank service charges for April amounted to $55.
Transcribed Image Text: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 accompa canceled checks and memos with the records revealed the following reconciling items: 1. Checks outstanding totaled $34,090. 2. A deposit of $18,430, representing receipts of April 30, had been made too late to appear on the bank statement. 3. The bank collected $31,779 on a $29,700 note, including interest of $2,079. 4. 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. 5. A check drawn for $370 had been erroneously charged by the bank as $730. 6. Bank service charges for April amounted to $55.
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