Homework Help is Here – Start Your Trial Now!
Business
Accounting
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: a. Checks outstanding totaled $41,840. b. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement. c. A check for $7,250 had been incorrectly charged by the bank as $2,750. d. 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. e. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000. f. Bank service charges for November amounted to $125. g. A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds. Required: 1. Prepare a bank reconciliation as of November 30, 20Y9. Collegiate Sports Co. Bank Reconciliation November 30, 20Y9 Cash balance according to bank statement Add: Deposit in transit on November 30 ▾ Deduct: Error in recording check as $7,600 instead of $760 Total deductions Adjusted balance Cash balance according to company's records Add: Outstanding checks 4,500 112,675 12,200 000

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: a. Checks outstanding totaled $41,840. b. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement. c. A check for $7,250 had been incorrectly charged by the bank as $2,750. d. 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. e. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000. f. Bank service charges for November amounted to $125. g. A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds. Required: 1. Prepare a bank reconciliation as of November 30, 20Y9. Collegiate Sports Co. Bank Reconciliation November 30, 20Y9 Cash balance according to bank statement Add: Deposit in transit on November 30 ▾ Deduct: Error in recording check as $7,600 instead of $760 Total deductions Adjusted balance Cash balance according to company's records Add: Outstanding checks 4,500 112,675 12,200 000

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
See similar textbooks
icon
Related questions
Question
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: a. Checks outstanding totaled $41,840. b. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement. c. A check for $7,250 had been incorrectly charged by the bank as $2,750. d. 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. e. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000. f. Bank service charges for November amounted to $125. g. A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds. Required: 1. Prepare a bank reconciliation as of November 30, 20Y9. Collegiate Sports Co. Bank Reconciliation November 30, 20Y9 Cash balance according to bank statement Add: Deposit in transit on November 30 Deduct: Error in recording check as $7,600 instead of $760 Total deductions Adjusted balance Cash balance according to company's records Add: Outstanding checks 4,500 112,675 12,200 000
Transcribed Image Text: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: a. Checks outstanding totaled $41,840. b. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement. c. A check for $7,250 had been incorrectly charged by the bank as $2,750. d. 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. e. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000. f. Bank service charges for November amounted to $125. g. A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds. Required: 1. Prepare a bank reconciliation as of November 30, 20Y9. Collegiate Sports Co. Bank Reconciliation November 30, 20Y9 Cash balance according to bank statement Add: Deposit in transit on November 30 Deduct: Error in recording check as $7,600 instead of $760 Total deductions Adjusted balance Cash balance according to company's records Add: Outstanding checks 4,500 112,675 12,200 000
Cash balance according to company's records Add: Outstanding checks Total additions Total deductions Adjusted balance 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. If an amount box does not require an entry, leave it blank. 20Y9 Nov. 30 00 00 000 Nov. 30 3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 20Y9, what amount should be reported as cash?
Transcribed Image Text:Cash balance according to company's records Add: Outstanding checks Total additions Total deductions Adjusted balance 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. If an amount box does not require an entry, leave it blank. 20Y9 Nov. 30 00 00 000 Nov. 30 3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 20Y9, what amount should be reported as cash?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS