Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Chart of Accounts CHART OF ACCOUNTS Pala Medical Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory EXPENSES 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 146 Store Supplies 516 Cash Short and Over 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 191 Office Equipment 532 Delivery Expense Check My Work 6 more Check My Work uses remaining, Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Chart of Accounts CHART OF ACCOUNTS Pala Medical Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory EXPENSES 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 146 Store Supplies 516 Cash Short and Over 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 191 Office Equipment 532 Delivery Expense Check My Work 6 more Check My Work uses remaining, Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Instructions The cash account for Coastal Bike Co. at October 1, 2019, indicated a balance of $5,140. During October, the total cash deposited was $39.175, and checks written totaled $40,520. The bank statement indicated a balance of $8,980 on October 31, 2049. Comparing the bank statement, the canceled checks, and the accompanying memos with records revealed the following reconciling items: a. Checks outstanding totaled $5,560 b. A deposit of $1,050 representing receipts of October 31, had been made too late to appear on the bank statement c. The bank had collected for Coastal Bike Co. $2,120 on a note left for collection. The face of the note was $2.000 d. A check for $370 returned with the statement had been incorrectly charged by the bank as $730 c. A check for $310 returned with the statement had been recorded by Coastal Bike Co as $130. The check was for the payment of an obligation to Rack Pro Co. on account. e Bank service charges for October amounted to $25 1. A check for $880 from Bay View Condos was returned by the bank due to insufficient funds Instructions 1. Prepare a bank reconciliation as of October 31, 2019. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add" & "Deduct" will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign Previous hapter 7 Homework Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Instructions records revealed the following reconciling items: a. Checks outstanding totaled $5,560 b. Adeposit of $1,050 representing receipts of October 31, had been made too late to appear on the bank statement. c. The bank had collected for Coastal Bike Co. $2,120 on a note left for collection. The face of the note was $2,000. d. A check for $370 returned with the statement had been incorrectly charged by the bank as $730 c. A check for $310 returned with the statement had been recorded by Coastal Bike Co. as $130. The check was for the payment of an obligation to Rack Pro Co on account e. Bank service charges for October amounted to $25. A check for $880 from Bay View Condos was returned by the bank due to insufficient funds Instructions 1. Prepare a bank reconciliation as of October 31, 2019. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Add" & "Deduct" will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign 2. Joumalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles 3. If a balance sheet were prepared for Coastal Bike Co. on October 31, 2019. what amount should be reported as cash? Check My Work 6 more Check My Work uses remaining, Previous CELLULIUCILI I es Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Chart of Accounts CHART OF ACCOUNTS Coastal Bike Co. General Ledger ASSETS REVENUE 410 Sales 110 Cash 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable-Bay View Condos 131 Notes Receivable 141 Merchandise Inventory EXPENSES 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 146 Store Supplies 151 Prepaid Insurance 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 181 Land 191 Office Equipment 192 Accumulated Depreciation Office Equipment 532 Delivery Expense 533 Insurance Expense check My Work 6 more Check My Work uses remaining, Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Chart of Accounts 533 Insurance Expense 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation Store Equipment 534 Office Supplies Expense 535 Rent Expense LIABILITIES 211 Accounts Payable-Rack Pro Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Amount Descriptions Amount Descriptions Adjusted balance Bank error in charging check as $730 instead of $370 Bank service charges Check returned because of insufficient funds Deposit in transit on October 31 Error in recording check Note collected by bank, including $120 interest Outstanding checks Total additions Total deductions Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Bank Reconciliation 1. Prepare a bankre a tion as of October 31, 2019. Refer to the Amount Description is provided for the exact wording of the answer choice for "Deduct will automatically w i red for these bows in which you must a ched ornatumbers use rest Coastal Beco Bar Recondition October 31, 2019 Cash balance according to bank statement Cash balance according to company's records Check My Work more Check My Works remaining Previous Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Bank Reconciliation 1 Cash balance according to bank statement # Cash balance according to company's records