The cash account for Collegiate Sports Co$.$ on November $1,20$Y$9,$ 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 $30,20$Y$9.$ Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $$41,840.$

A deposit of $$12,200,$ representing receipts of November $30,$ had been made too late to appear on the bank statement.

A check for $$7,250$ had been incorrectly charged by the bank as $$2,750.$

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.

The bank had collected for Collegiate Sports Co$.$ $$7,385$ on a note left for collection. The face of the note was $$7,000.$

Bank service charges for November amounted to $$125.$

A check for $$2,500$ from Hallen Academy was returned by the bank because of insufficient funds.

Required:

Question Content Area

$1.$ Prepare a bank reconciliation as of November $30,20$Y$9.$

Collegiate Sports Co$.$

Bank Reconciliation

November $30,20$Y$9$

Cash balance according to bank statement blank $fill in the blank $30$aa$50065$fabfb$9\_1$

$111,675$

Adjustments: blank blank

Deposit of November $30,$ not recorded by bank

$Deposit of November $30,$ not recorded by bank

$12,200$

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Bank service charges

Bank service charges

$41,840$

Error in recording check as $$7,600$ instead of $$760$

Error in recording check as $$7,600$ instead of $$760$

$4,500$

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Total adjustments blank fill in the blank $30$aa$50065$fabfb$9\_8$

$34,140$

Adjusted balance blank $fill in the blank $30$aa$50065$fabfb$9\_9$

$78,535$

Cash balance according to company's records blank $fill in the blank $30$aa$50065$fabfb$9\_10$

$66,935$

Adjustments: blank blank

Proceeds of note collected by bank, including $$385$ interest

$Proceeds of note collected by bank, including $$385$ interest

$7,385$

Error in recording check as $$7,600$ instead of $$760$

Error in recording check as $$7,600$ instead of $$760$

$6,840$

blank

Check returned because of insufficient funds

Check returned because of insufficient funds

$2,500$

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Bank service charges

Bank service charges

$125$

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