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 $12,710. During November, the total cash deposited was $70,770 and checks written totaled $65,710. The bank statement indicated a balance of $23,990 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 $10,690. b. A deposit of $8,700, representing receipts of November 30, had been made too late to appear on the bank statement. c. A check for $940 had been incorrectly charged by the bank as $490. d. A check for $140 returned with the statement had been recorded by Collegiate Sports Co. as $410. The check was for the payment of an obligation to Ramirez Co. on account. e. The bank had collected for Collegiate Sports Co. $4,600 on a note left for collection. The face of the note was $4,250. f. Bank service charges for November amounted to $30. g. A check for $1,060 from Hallen Academy was returned by the bank because of insufficient funds. Instructions: 1. Prepare a bank reconciliation as of November 30, 20Y9. Collegiate Sports Co. Bank Reconciliation November 30, 20Y9 Cash balance according to bank statement $ %24 %24

Bank Reconciliation and Entries The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $12,710. During November, the total cash deposited was $70,770 and checks written totaled $65,710. The bank statement indicated a balance of $23,990 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 $10,690. b. A deposit of $8,700, representing receipts of November 30, had been made too late to appear on the bank statement. c. A check for $940 had been incorrectly charged by the bank as $490. d. A check for $140 returned with the statement had been recorded by Collegiate Sports Co. as $410. The check was for the payment of an obligation to Ramirez Co. on account. e. The bank had collected for Collegiate Sports Co. $4,600 on a note left for collection. The face of the note was $4,250. f. Bank service charges for November amounted to $30. g. A check for $1,060 from Hallen Academy was returned by the bank because of insufficient funds. Instructions: 1. Prepare a bank reconciliation as of November 30, 20Y9. Collegiate Sports Co. Bank Reconciliation November 30, 20Y9 Cash balance according to bank statement $ %24 %24

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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 $12,710. During November, the total cash deposited was $70,770 and checks written totaled $65,710. The bank statement indicated a balance of $23,990 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 $10,690. b. A deposit of $8,700, representing receipts of November 30, had been made too late to appear on the bank statement, c. A check for $940 had been incorrectly charged by the bank as $490. d. A check for $140 returned with the statement had been recorded by Collegiate Sports Co. as $410. The check was for the payment of an obligation to Ramirez Co. on account. e. The bank had collected for Collegiate Sports Co. $4,600 on a note left for collection. The face of the note was $4,250. f. Bank service charges for November amounted to $30. g. A check for $1,060 from Hallen Academy was returned by the bank because of insufficient funds. Instructions: 1. Prepare a bank reconciliation as of November 30, 20Y9. Collegiate Sports Co. Bank Reconciliation November 30, 20Y9 $ Cash balance according to bank statement $ Total deductions $ Adjusted balance Cash balance according to company's records
Transcribed Image Text:Bank Reconciliation and Entries The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $12,710. During November, the total cash deposited was $70,770 and checks written totaled $65,710. The bank statement indicated a balance of $23,990 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 $10,690. b. A deposit of $8,700, representing receipts of November 30, had been made too late to appear on the bank statement, c. A check for $940 had been incorrectly charged by the bank as $490. d. A check for $140 returned with the statement had been recorded by Collegiate Sports Co. as $410. The check was for the payment of an obligation to Ramirez Co. on account. e. The bank had collected for Collegiate Sports Co. $4,600 on a note left for collection. The face of the note was $4,250. f. Bank service charges for November amounted to $30. g. A check for $1,060 from Hallen Academy was returned by the bank because of insufficient funds. Instructions: 1. Prepare a bank reconciliation as of November 30, 20Y9. Collegiate Sports Co. Bank Reconciliation November 30, 20Y9 $ Cash balance according to bank statement $ Total deductions $ Adjusted balance Cash balance according to company's records
Total additions $ Total deductions 2$ 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. a. 20Y9 Nov. 30 b. 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:Total additions $ Total deductions 2$ 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. a. 20Y9 Nov. 30 b. 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:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS