Bank Reconciliation and Entries
The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $81,145. During November, the total cash deposited was $293,150, and checks written totaled $307,360. The bank statement indicated a balance of $112,675 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
hecks outstanding totaled $41,840.
A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement.
A check for $7,250 had been incorrectly charged by the bank as $2,750.
A check for $760 returned with the statement had been recorded by Collegiate Sports Co. as $7,600. The check was for the payment of an obligation to Ramirez Co. on account.
The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000.
Bank service charges for November amounted to $125.
A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds.
Required
Collegiate Sports Co.
Bank Reconciliation
November 30, 20Y9
Cash balance according to bank statement $
Adjustments:
Deposit of November 30, not recorded by bank $
Bank error in charging check as $7,250 instead of $2,750
Outstanding checks
Total adjustments
Adjusted balance $
Cash balance according to company's records $
Adjustments:
Proceeds of note collected by bank, including $385 interest $
Error in recording check as $7,600 instead of $760
Check returned because of insufficient funds
Bank service charges
Total adjustments
Adjusted balance $
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound entry, if an amount box does not require an entry, leave it blank.
20Y9 Nov. 30 Cash
Notes Receivable
Interest Revenue
Accounts Payable-Ramirez Co.
Nov. 30 Accounts Receivable-Hallen Academy
Miscellaneous Expense
Cash
3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 20Y9, what amount should be reported as cash?
$\
Answers: 1
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Bank Reconciliation and Entries
The cash account for Collegiate Sports Co. on November 1, 20Y9, ind...
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