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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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