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Bank Reconciliation and Entries The cash account for Collegiate Sports Co. on November 1, 2019, indicated a balance of $13,790. During November, the total

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Bank Reconciliation and Entries The cash account for Collegiate Sports Co. on November 1, 2019, indicated a balance of $13,790. During November, the total cash deposited was $76,280 and checks written totaled $70,830. The bank statement indicated a balance of $25,860 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 $11,520. b. A deposit of $9,380, representing receipts of November 30, had been made too late to appear on the bank statement. c. A check for $940 had been incorrectly charged by the bank as $490. d. A check for $360 returned with the statement had been recorded by Collegiate Sports Co. as $630. The check was for the payment of an obligation to Ramirez Co. on account. e. The bank had collected for Collegiate Sports Co. $4,960 on a note left for collection. The face of the note was $4,580. f. Bank service charges for November amounted to $60. 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 Add: Deposit in transit on November 30 Deductil Outstanding checks Reduct Bank error in charging check as $490 instead of $940 Total deductions Adjusted balance Cash balance according to company's records Addi Note collected by bank, including $300 interest 25,360 76,280 X 000 G

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