6)The cash account for Tom's Bike Co at October 31, 2021 was $3,795. The ending bank...

Transcribed Image Text:

6)The cash account for Tom's Bike Co at October 31, 2021 was $3,795. The ending bank balance at October 31, 2021 was $8,980. Comparing the bank statement, the canceled checks and the accompanying memos with the records revealed the following: a)Checks outstanding totaled $5,560 b)A deposit of $1,050 had been made to late to appear on the bank statement at October 31 c)The bank collected for Tom's Bike Co $2,120 on a note. The face of the note was $2,000 d)A check for $370 which was correct was charged by the bank in error for $730 e)A check for $310 was returned by the bank (which was correct) but Tom's Bike recorded the check as $130. This was to pay off a payable. f)Bank service charges for October was $25 g)A check for $880 from View Condos was returned by the bank due to insufficient funds. Prepare a bank reconciliation Prepare the necessary journal entries. 6)The cash account for Tom's Bike Co at October 31, 2021 was $3,795. The ending bank balance at October 31, 2021 was $8,980. Comparing the bank statement, the canceled checks and the accompanying memos with the records revealed the following: a)Checks outstanding totaled $5,560 b)A deposit of $1,050 had been made to late to appear on the bank statement at October 31 c)The bank collected for Tom's Bike Co $2,120 on a note. The face of the note was $2,000 d)A check for $370 which was correct was charged by the bank in error for $730 e)A check for $310 was returned by the bank (which was correct) but Tom's Bike recorded the check as $130. This was to pay off a payable. f)Bank service charges for October was $25 g)A check for $880 from View Condos was returned by the bank due to insufficient funds. Prepare a bank reconciliation Prepare the necessary journal entries.