Question
Prepare a bank reconciliation using the information below. The cash account for Collegiate Sports Co. on November 1, 2016, indicated a balance of $81,145. During
Prepare a bank reconciliation using the information below.
The cash account for Collegiate Sports Co. on November 1, 2016, indicated a balance of $81,145. During November, the total cash deposited was $305,450, and checks written totaled $307,360. The bank statement indicated a balance of $137,175 on November 30, 2016.
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.
f. Bank service charges for November amounted to $125.
g. The bank erroneously charged a check drawn by Smith Co. in the amount of $100 to Collegiate Co.
h. A check for $2,500 from Omunike Pearce was returned by the bank because of insufficient funds.
i. Checks from September that have not yet cleared the bank totaled $10,110.
j. The bank reported a credit of $320 for interest on the average balance.
k. An ATM withdrawal of $150 on November 18 by Collegiate Sports Co. for personal use was not recorded on the books.
l. The bank erroneously credited Collegiate Sports Co. with a deposit made by Grant Co. in the amount of $2,020.
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