PR 7-4B Bank Reconciliation and Entries OBJ.5 SPREADSHEET The cash account for Collegiate Sports Co. on November 1, 2014, indicated a balance of $81,145. During November, the GENERAL LEDGER total cash deposited was $293,150, and checks written totaled $307,360. The bank statement indicated a balance of $112,675 on November 30, 2014. 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. Instructions 1. Prepare a bank reconciliation as of November 30. Answer Check Figure: Adjusted balance: $78,535 2. Journalize the necessary entries. The accounts have not been closed. 3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 2014, what amount should be reported as cash? E F G H J D Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the left of an incorrect entry. 1. COLLEGIATE SPORTS CO. Bank Reconciliation November 30, 2019 Cash balance according to bank statement Adjustments: Select label from the drop- down list. Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance 2. . Nov. 30 30 3. Amount to be reported on November 30, 2019, balance sheet