Instructions Chart of Accounts UURILIUI LLUI ASSETS REVENUE The cash account for Coastal Bike Co. at October 1, 2099, indicated a balance of $34,800. During October, the total cash deposited was $139,523, and checks written totaled $138,774. The bank statement indicated a balance of $43,875 on October 31, 2049. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable-Bay View Condos A. Checks outstanding totaled $6,340. 131 Notes Receivable EXPENSES B. A deposit of $1,643 representing receipts of October 31, had been made too late to appear on the bank 141 Merchandise Inventory 510 Cost of Merchandise Sold statement 145 Office Supplies 515 Credit Card Expense C. The bank had collected for Coastal Bike Co. $5,565 on a note left for collection. The face of the note 146 Store Supplies 516 Cash Short and Over was $5,300 151 Prepaid Insurance 520 Salaries Expense D. A check for $260 returned with the statement had been incorrectly charged by the bank as $620 181 Land E. A check for $210 returned with the statement had been recorded by Coastal Bike Co. as $120. The 531 Advertising Expense 532 Delivery Expense 191 Office Equipment check was for the payment of an obligation to Rack Pro Co. on account. 533 Insurance Expense F. Bank service charges for October amounted to $22. 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment 534 Office Supplies Expense G. A check for $1,464 from Bay View Condos was returned by the bank due to insufficient funds 535 Rent Expense 536 Repairs Expense Instructions LIABILITIES 537 Selling Expenses 1. Prepare a bank reconciliation as of October 31, 2049. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter 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 subtracted or negative numbers use a minus sign. 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, 2019, what amount should be 590 Miscellaneous Expense 231 Salaries Payable 241 Sales Tax Payable reported as cash? 710 Interest Expense Amount Descriptions Bank Reconciliation Amount Descriptions Coastal Bike Co. Adjusted balance Bank Reconciliation Bank error in charging check as $260 instead of $620 October 31, 2049 Bank error in charging check as $620 instead of $260 1 Cash balance according to bank statement Bank service charges 2 Adjustments: Check returned because of insufficient funds 3 Company error in recording note collected by bank Deposit of October 31, not recorded by bank Bank error in charging check as $620 instead of $260 Deposit of October 31, not recorded by bank Error in recording check 5 Outstanding checks Outstanding checks Total adjustments Proceeds of note collected by bank, including $265 7 Adjusted balance interest 8 Total adjustments 9 Cash balance according to company's records 10 Adjustments: 11 Proceeds of note collected by bank, including $265 interest 12 Error in recording check 13 Bank service charges 14 Check returned because of insufficient funds 15 Total adjustments 16 Adjusted balance Journal Final Question 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, 2019, what amount should be reported as cash? $ PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 3 Rectangular 4 5 6 7