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Chart of Accounts Amount Descriptions Bank Reconciliation Journal Instructions The cash account for Coastal Bike Co. at October 1, 2099, indicated a balance of $32,991. During October, the total cash deposited was $139,960, and checks written totaled $137,747. The bank statement indicated a balance of $43,370 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 $6,476. 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. $5,250 on a note left for collection. The face of the note was $5,000. D. A check for $580 returned with the statement had been incorrectly charged by the bank as $850. E. A check for $210 returned with the statement had been recorded by Coastal Bike Co. as $120. The check was for the payment of an obligation to Rack Pro Co. on account. F. Bank service charges for October amounted to $28. G. A check for $1,393 from Bay View Condos was returned by the bank due to insufficient funds. Instructions Instructions 1 Prepare a bank reconciliation as of October 31, 2049. Refer to the Amount Descriptions fist provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 2. Joumalize 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? onciliation Journal Final I of Accounts CHART OF ACCOUNTS Coastal Bike Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 112 Accounts Receivable-Bay View Condos 131 Notes Receivable EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 516 Cash Short and Over 520 Salaries Expense 181 Land 191 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense Of Accounts 181 Land 191 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation Store Equipment 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 211 Accounts Payable-Rack Pro Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Amount Descriptions Amount Descriptions Adjusted balance Bank error in charging check as $580 instead of $850 Bank error in charging check as $850 instead of $680 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 $250 interest Total adjustments Bank Reconciliation Shatec celle deck 1. Prepare a bank reconciliation as of October 31, 2019. 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 subtracted or negative numbers use a minus sign. Question not attempted. Coastal Bike Co. Score: 0/51 Bank Reconciliation October 31, 2019 Cash balance according to bank statement Adjustments 3 Deposit of October 31, not recorded by bank Bank error in charging check as 5850 instead of $580 Outstanding checks 3 Total adjustments Adjusted balance Adjusunents: Deposit of October 31, not recorded by bank Bank error in charging check as $850 instead of $580 4 3 Outstanding checks 6 Total adjustments 7 Adjusted balance 9 Cash balance according to company's records 10 Adjustments Proceeds of note collected by bank, including $250 interest 1: 12 Error in recording check 13 Bank service charges 14 Check returned because of insufficient funds 15 Total adjustments 16 Adjusted balance 2 Joumalize the necessary entries. Refer to the Chart of Accounts for exact wording of account bites. Question not attempted. Score: 0/87 JOURNAL DEBIT CREDIT POST. REF. DESCRIPTION DATE 1 1 3 4 2 3. If a balance sheet were prepared for Coastal Bike Co. on October 31, 2019, what amount should be reported as cash? $
