Bank reconciliation and entries The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a
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Bank reconciliation and entries
The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $12,760. During November, the total cash deposited was $70,930 and checks written totaled $65,860. The bank statement indicated a balance of $24,050 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
- Checks outstanding totaled $10,710.
- A deposit of $8,720, representing receipts of November 30, had been made too late to appear on the bank statement.
- A check for $940 had been incorrectly charged by the bank as $490.
- A check for $520 returned with the statement had been recorded by Collegiate Sports Co. as $250. The check was for the payment of an obligation to Ramirez Co. on account.
- The bank had collected for Collegiate Sports Co. $4,610 on a note left for collection. The face of the note was $4,260.
- Bank service charges for November amounted to $40.
- A check for $1,060 from Hallen Academy was returned by the bank because of insufficient funds.