401-403

lowing reconciling itemst a. Checks outstanding totaled 541,840 . 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 57,250 had been incorrectly charged by the bank as 52.750. d. A check for $760 returned with the statement had been reconded by Collegiate Sports. Co. as 57,600 . The check was for the payment of an obligation to Ramirez Co. on account. c. The bank had collected for Collegiate Sports Co, 57,385 on a note lefi for collection. The face of the note was $7.000. f. Bank service charges for November amounted to $125. 9. A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds. Instructions 1. Prepare a bank reconciliation as of November 30,20y9. 2. Journalize. the necessary entries. 3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 20Y9, what amour should be reported as cash? PR 7-5B Bank reconciliation and entries alanc Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depositrory, aft 11,494 banking hours. The data required to reconcile the bank statement as of July 31 , 20Y0, have be taken from various documents and records and are reproduced as follows. The sources of the ds are printed in capital letters. All checks were written for payments on account. CHECKS WRITTEN: Nimhar and amount of each check issued in July; GANK RECDNCH N FCA PFICGDNG MONTH. Chapter 7 Internal Control and Casn Instructions 1. Prepare a bank reconciliation as of July 31,20y0. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. 2. Journalize the necessary entries. 3. What is the amount of cash that should appear on the balance sheet as of July 31,20Y0 ? 4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Briefly explain how the error would be included on a bank reconciliation and how it should be corrected