Bank Reconciliation and Entries

The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $81,145. During November, the total cash deposited was $293,150, and checks written totaled $307,360. The bank statement indicated a balance of $112,675 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

1. Checks outstanding totaled $41,840.
2. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement.
3. A check for $7,250 had been incorrectly charged by the bank as $2,750.
4. A check for $760 returned with the statement had been recorded by Collegiate Sports Co. as $7,600. The check was for the payment of an obligation to Ramirez Co. on account.
5. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000.
6. Bank service charges for November amounted to $125.
7. A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds.

Required:

Question Content Area

1. Prepare a bank reconciliation as of November 30, 20Y9.

Collegiate Sports Co. Bank Reconciliation November 30, 20Y9

Cash balance according to bank statement	blank	$fill in the blank 04ff7d04503b04c_1
Adjustments:	blank	blank
Bank service chargesDeposit of November 30, not recorded by bankError in recording check as $7,600 instead of $760Proceeds of note collected by bank, including $345 interestOutstanding checks	$- Select -	blank
Bank error in charging check as $2,750 instead of $7,250Bank service chargesDeposit of November 30, not recorded by bankError in recording check as $7,600 instead of $760Proceeds of note collected by bank, including $385 interest	- Select -
Bank service chargesDeposit of November 30, not recorded by bankError in recording check as $7,600 instead of $760Proceeds of note collected by bank, including $345 interestOutstanding checks	- Select -	blank
Total adjustments	blank	fill in the blank 04ff7d04503b04c_8
Adjusted balance	blank	$fill in the blank 04ff7d04503b04c_9
Cash balance according to company's records	blank	$fill in the blank 04ff7d04503b04c_10
Adjustments:	blank	blank
Bank error in charging check as $7,250 instead of $2,750Bank service chargesDeposit of November 30, not recorded by bankProceeds of note collected by bank, including $385 interestOutstanding checks	$- Select -
Bank error in charging check as $7,250 instead of $2,750Bank service chargesDeposit of November 30, not recorded by bankError in recording check as $7,600 instead of $760Outstanding checks	- Select -	blank
Bank error in charging check as $2,750 instead of $7,250Bank service chargesCheck returned because of insufficient fundsDeposit of November 30, not recorded by bankError in recording check as $7,600 instead of $760Outstanding checks	- Select -	blank
Bank error in charging check as $7,250 instead of $2,750Bank service chargesDeposit of November 30, not recorded by bankProceeds of note collected by bank, including $385 interestOutstanding checks	- Select -	blank
Total adjustments	blank	fill in the blank 04ff7d04503b04c_19
Adjusted balance	blank	$fill in the blank 04ff7d04503b04c_20

Question Content Area

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound entry, if an amount box does not require an entry, leave it blank.

20Y9 Nov. 30	CashInterest ReceivableInterest RevenueNotes ReceivablePetty Cash	- Select -	- Select -
	CashInterest PayableInterest ReceivableNotes PayableNotes Receivable	- Select -	- Select -
	CashInterest PayableInterest ReceivableInterest RevenueUnearned Interest	- Select -	- Select -
	Accounts Payable-Ramirez Co.Accounts Receivable-Ramirez Co.CashNotes PayableCash Short or Over	- Select -	- Select -
Nov. 30	Accounts Receivable-Hallen AcademyCashMiscellaneous ExpenseNotes PayablePetty Cash	- Select -	- Select -
	Accounts Payable-Hallen AcademyCashMiscellaneous ExpenseNotes PayablePetty Cash	- Select -	- Select -
	Accounts Payable-Hallen AcademyCashMiscellaneous ExpenseNotes PayablePetty Cash	- Select -	- Select -

Question Content Area

3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 20Y9, what amount should be reported as cash? $fill in the blank 243be1f50fbb028_1