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Bank reconciliation and entries the cash account for collegiate sports co. on november 1, 20y9, 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, 20y9. 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:
1. prepare a bank reconciliation as of november 30, 20y9.
2. journalize the necessary entries.
3. if a balance sheet were prepared for collegiate sports co. on november 30, 20y9, what amount should be reported as cash?
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Answers: 3
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Bank reconciliation and entries the cash account for collegiate sports co. on november 1, 20y9, indi...
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