Problem 7-3ABank Reconciliation and EntriesThe cash account for Online Medical Co. at June 30, 2012, indicated a balance of $9,375….

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Problem 7-3A Bank Reconciliation and Entries The cash account for Online Medical Co. at June 30, 2012, indicated a balance of $9,375. The bank statement indicated a balance of $10,760 on June 30, 2012. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $3,900. b. A deposit of $4,000, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank had collected $2,100 on a note left for collection. The face of the note was $2,000. d. A check for $550 returned with the statement had been incorrectly recorded by Online Medical Co. as $500. The check was for the payment of an obligation to Hirsch Co. for the purchase on account. e. A check drawn for $60 had been erroneously charged by the bank as $600. f. Bank service charges for June amounted to $25. Instructions: Prepare a bank reconciliation. 2. Journalize the necessary entries. The accounts have not been closed. If a box does not require an entry, leave it blank If a balance sheet were prepared for Online Medical Co. on June 30, 2012, what amount should be reported as cash? $

 

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