Bank reconciliation and entries

The cash account for Collegiate Sports Co$.$ on November $1,20$Y$9,$ indicated a balance of $$12,060.$ During November, the total cash deposited was $$66,280$ and checks written totaled $$61,540.$ The bank statement indicated a balance of $$22,470$ on November $30,20$Y$9.$ Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $$10,010.$

A deposit of $$8,150,$ representing receipts of November $30,$ had been made too late to appear on the bank statement.

A check for $$630$ had been incorrectly charged by the bank as $$360.$

A check for $$630$ returned with the statement had been recorded by Collegiate Sports Co$.$ as $$360.$ The check was for the payment of an obligation to Ramirez Co$.$ on account.

The bank had collected for Collegiate Sports Co$.$ $$4,310$ on a note left for collection. The face of the note was $$3,980.$

Bank service charges for November amounted to $$50.$

A check for $$990$ from Hallen Academy was returned by the bank because of insufficient funds.

Instructions:

Question Content Area

$1.$ Prepare a bank reconciliation as of November $30,20$Y$9.$

Collegiate Sports Co$.$

Bank Reconciliation

November $30,20$Y$9$

Line Item Description Amount Amount

Cash balance according to bank statement blank $Cash balance according to bank statement

blank $-$ Select $-$

$$-$ Select $-$ blank

$-$ Select $-$ blank

Total deductions blank Total deductions

Adjusted balance blank $Adjusted balance

Cash balance according to company's records blank $Cash balance according to company's records

$$-$ Select $-$ blank

$-$ Select $-$

Total additions blank Total additions

$$-$ Select $-$ blank

$-$ Select $-$

Total deductions blank Total deductions

Adjusted balance blank $Adjusted balance

Question Content Area

$2.$ Journalize 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 it blank.

DateAccountDebitCredit

a$.20$Y$9$ Nov. $30$

b$.$ Nov. $30$

Question Content Area

$3.$ If a balance sheet were prepared for Collegiate Sports Co$.$ on November $30,20$Y$9,$ what amount should be reported as cash?

fill in the blank $1$ of $1$$