Hi, I need help with this Thank you The cash account for Pala Medical Co. at Jun

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Hi,
I need help with this
Thank you

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $12,470, b A deposit of $5,300, representing receipts of June 30, had been made too late to appear on the banik statement. c. The bank collected $2,760 on a $ 0 note, induding interest of $140. t had been incorrectly recorded by Pala Medical Co. as $500. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $90 had been Bank Reconciiation 30, 20Y Bank error in Next 10:12 PM 4/20/2018

Explanation / Answer

BANK RECONCILIATION STATEMENT: balance as per bank Statement 14140 Adjustment: Less: Outstanding checks -5090 Add: Dposit in transit 5300 Add: Error in charging check by bank 810 Adjusted balance as per bank statement 15160 Balance as per books 12470 Adjustment Add: Notes collected with interest 2760 Less: Service charges not recorded -20 Less: Error in recording check issued for purchhases -50 Adjusted balance as per books 15160 Journal entries: Cash Account Dr. 2760       Notes receivable Account 2620       Interest revenue 140 Accounts payable-Skyline Suppy Dr. 50 Miscelleneous expense Dr. 20         Cash Account 70

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