Business, 18.03.2021 01:20 annagwhiteou0hrh

The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of $388,600 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:Checks outstanding totaled $61,280.A deposit of $42,500, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $42,000 on a $40,000 note, including interest of $2,000.A check for $7,600 returned with the statement had been incorrectly recorded by American Medical Co. as $760. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $240 had been erroneously charged by the bank as $420.Bank service charges for April amounted to $145.Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries. The accounts have not been closed.3. If a balance sheet is prepared for American Medical Co. on April 30, what amount should be reported as cash?

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The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank stat...

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