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:
A. Checks outsstanding 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, 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?