Bank reconciliation and entries

The cash account for Collegiate Sports Co$.$ on November $1,20$Y$9,$ indicated a balance of $$12,210.$ During November, the total cash deposited was $$67,010$ and checks written totaled $$62,220.$ The bank statement indicated a balance of $$22,720$ 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 $$10,120.$

A deposit of $$8,240,$ representing receipts of November $30,$ had been made too late to appear on the bank statement.

A check for $$850$ had been incorrectly charged by the bank as $$580.$

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$.$ $$4,360$ on a note left for collection. The face of the note was $$4,020.$

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

A check for $$1,010$ 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

$22,720$

Add: Deposit in transit on November $30$

blank Add: Deposit in transit on November $30$

$8,240$

Deduct: Proceeds of note collected by bank, including $$340$ interest

$Deduct: Proceeds of note collected by bank, including $$340$ interest

$4,360$

blank

Deduct: Bank service charges

Deduct: Bank service charges

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

Add: Bank error in charging check as $$580$ instead of $$850$

Add: Bank error in charging check as $$580$ instead of $$850$

Total additions blank Total additions

Add: Check returned because of insufficient funds

$Add: Check returned because of insufficient funds

blank

Deduct: Bank service charges

Deduct: Bank service charges

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. $30$

Cash

Notes Receivable

Interest Revenue

Accounts Payable$-$Ramirez Co$.$

b$.$ Nov. $30$

Accounts Receivable$-$Hallen Academy

Miscellaneous Expense

Cash

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$$

$17,000$