Final Question:

3. If a balance sheet were prepared for Coastal Bike Co. on October 31, 20Y9, what amount should be reported as cash?

Thanks!

Instructions The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $30,356. During October, the total cash deposited was $141,640, and checks written totaled $137,652. The bank statement indicated a balance of $43,000 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: A. Checks outstanding totaled $6,515. B. A deposit of $1,779 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. $5,775 on a note left for collection. The face of the note was $5,500. D. A check for $470 returned with the statement had been incorrectly charged by the bank as $740. E. A check for $310 returned with the statement had been recorded by Coastal Bike Co. as $130. The check was for the payment of an obligation to Rack Pro Co. on account Bank service charges for October amounted to $29. F. G. A check for $1,376 from Bay View Condos was returned by the bank due to insufficient funds. Instructions 1. Prepare a bank reconciliation as of October 31, 20Y9. Refer to the Amount Descriptions list provided for the exact wording of the answer minus sign choices for text entries. For those boxes in which you must enter subtracted or negative numbers use 2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. 3. If a balance sheet were prepared for Coastal Bike Co. on October 31, 20Y9, what amount should be reported as cash? Amount Descriptions Amount Descriptions Adjusted balance Bank error in charging check as $470 instead of $740 Bank error in charging check as $740 instead of $470 Bank service charges Check returned because of insufficient funds Company error in recording note collected by bank Deposit of October 31, not recorded by bank Error in recording check Outstanding checks Proceeds of note collected by bank, including $275 interest Total adjustments CHART OF ACCOUNTS Coastal Bike Co General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable-Bay View Condos EXPENSES 131 Notes Receivable 510 Cost of Merchandise Sold 141 Merchandise Inventory 515 Credit Card Expense 145 Office Supplies 516 Cash Short and Over 146 Store Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 191 Office Equipment 533 Insurance Expense 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense LIABILITIES 537 Selling Expenses 211 Accounts Payable-Rack Pro Co. 538 Store Supplies Expense 221 Notes Payable 561 Depreciation Expense-Office Equipment 222 Interest Payable 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 231 Salaries Payable 241 Sales Tax Payable 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary