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eBook Show Me How Bank Reconciliation and Entries The cash account for Collegiate Sports Co. on November 1, 2099, indicated a balance of $81,145. During November, the total cash deposited was $293,150, and checks written totaled $307,360. The bank statement indicated a balance of $112,675 on November 30, 2049. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $41,840. b. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement. C. A check for $7,250 had been incorrectly charged by the bank as $2,750. d. A check for $760 returned with the statement had been recorded by Collegiate Sports Co. as $7,600. The check was for the payment of an obligation to Ramirez Co. on account. e. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000. f. Bank service charges for November amounted to $125. g. A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds. Required: 1. Prepare a bank reconciliation as of November 30, 2049. Collegiate Sports Co. Bank Reconciliation November 30, 2019 112,675 Cash balance according to bank statement Add: Deposit in transit on November 30 12,200 Deduct: Outstanding checks 41,840 Deduct: Bank error in charging check as $2,750 instead of $7,250 4,500 Total deductions 46,340 Adjusted balance 78,535 66,935 Cash balance according to company's records Add: Note collected by bank, including $385 interest 7,385 Add: Error in recording check as $7,600 instead of $760 6,840 Total additions 81,160 Deduct: Check returned because of insufficient funds 2,500 Deduct: Bank service charges 125 Total deductions 2,625 Adjusted balance 78,535 Feedback Check My Work 1 more Check My Work uses remaining. Previous Next