Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bank Reconciliation and Entries The cash account for Collegiate Sports Co, on November 1, 2019, Indicated a balance of $13,760. During November, the total cash
Bank Reconciliation and Entries The cash account for Collegiate Sports Co, on November 1, 2019, Indicated a balance of $13,760. During November, the total cash deposited was $75,990 and checks written totaled $70,560. The bank statement indicated a balance of $25,760 on November 30, 2019. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $11,470. b. A deposit of $9,350, representing receipts of November 30, had been made too late to appear on the bank statement. c. A check for $720 had been incorrectly charged by the bank as $270.) d. A check for $500 returned with the statement had been recorded by Collegiate Sports Co. an $850. The check was for the payment of an obligation to Ramirez Co. on account. e. The bank had collected for Collegiate Sports Co. $4,940 on a note left for collection. The face of the note was $4,500, f. Bank service charges for November amounted to $70. g. A check for $1,140 from Hallen Academy was returned by the bank because of insufficient funds. Instructions: 1. Prepare a bank reconciliation as of November 30, 2019. Collegiate Sports Co. Bank Reconciliation November 30, 2019 Cash balance according to bank statement Partly sunny Tutal deductions 00 OL 1/2020 Total deductions Adjusted balance Cash balance according to company's records Total additions 000 000 00.00 Total deductions Adjusted balance 2. Joumalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. If an amount box does not require an entry, leave if blank. a. 2019 Nov 30 WTF Partly HOLD B " Ta b. Nov. 30 3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 2019, what amount should be reported as cash? Check My Work Assignment Score: 25% 91F Partly sunny OLO Save
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started