Prepare bank reconciliation of Company CS as at November 30.

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 outsstanding 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…

Answer 1

Question

Chapter 7, Problem 4PB

(a)

To determine

Prepare bank reconciliation of Company CS as at November 30.

(b)

To determine

Prepare adjusting journal entries for Company CS.

(c)

To determine

Report the amount of cash in the balance sheet on November 30.

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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 outsstanding 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…

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