Bank reconciliation and entries

The cash account for Collegiate Sports Co$.$ on November $1,20$Y$9,$ indicated a balance of $$12,410.$ During November, the total cash deposited was $$69,050$ and checks written totaled $$64,110.$ The bank statement indicated a balance of $$23,410$ 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 $$10,430.$

A deposit of $$8,490,$ representing receipts of November $30,$ had been made too late to appear on the bank statement.

A check for $$720$ had been incorrectly charged by the bank as $$270.$

A check for $$520$ returned with the statement had been recorded by Collegiate Sports Co$.$ as $$250.$ The check was for the payment of an obligation to Ramirez Co$.$ on account.

The bank had collected for Collegiate Sports Co$.$ $$4,490$ on a note left for collection. The face of the note was $$4,140.$

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

A check for $$1,040$ 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

$23,410$

Add: Deposit in transit on November $30$

blank Add: Deposit in transit on November $30$

Add: Outstanding checks

$Add: Outstanding checks

blank

Add: Error in recording check

Add: Error in recording check

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

Add: Note collected by bank, including $$350$ interest

$Add: Note collected by bank, including $$350$ interest

blank

Add: Error in recording check as $$250$ instead of $$520$

Add: Error in recording check as $$250$ instead of $$520$

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?