Bank Reconcilliation and Entries

Bank Reconciliation and Entries The cash account for Coastal Bike Co. at October 1, 2009, indicated a balance of $14,720. During October, the total cash deposited was $73,660 and checks written totale $68,390. The bank statement indicated a balance of $24,970 on October 31, 2019. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $11,120. b. A deposit of $9,060, representing receipts of October 31 had been made too late to appear on the bank statement, C. The bank had collected for Coastal Bike Co. $4,790 on a note left for collection. The face of the note was $4,420. d. A check for $270 returned with the statement had been incorrectly charged by the bank as $720. e. A check for $410 returned with the statement had been recorded by Coastal Bike Co, as $140. The check was for the payment of an obligation to Rack Pro Co. on account. I Bank service charges for October amounted to $50. 9. A check for $1,100 from Bay View Condos was returned by the bank due to insufficient funds. Instructions: 1. Prepare a bank reconciliation as of October 31, 2019. Coastal Bike Co. Bank Reconciliation October 31, 2019 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Check My Work 5 more Check My Work uses remaining, Save and Exit Submit Assignment for Grading MacBook Pro Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance 2. Journalize the necessary entries (a.) that increase cash and (b) that decrease cash. The accounts have not been closed. For a compound transaction, an amount bo does not require an entry, leave it blank. a. 2079 Oct. 31 III b. Oct. 31 3. If a balance sheet were prepared for Coastal Bike Co. on October 31, 2019, what amount hould be reported as cash? Check My Work 5 more Check My Work uses remaining. Save and Exit Submit Assignment for Grading MacBook Pro