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Sever21 [200]
3 years ago
5

The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. During October, the total cash deposite

d was $39,175, and checks written totaled $40,520. The bank statement indicated a balance of $8,980 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $5,560. b. A deposit of $1,050 representing receipts of October 31, had been made too late to appear on the bank statement. c. The bank had collected for Coastal Bike Co. $2,120 on a note left for collection. The face of the note was $2,000. d. A check for $370 returned with the statement had been incorrectly charged by the bank as $730. c. A check for $310 returned with the statement had been recorded by Coastal Bike Co. as $130. The check was for the payment of an obligation to Rack Pro Co. on account. e. Bank service charges for October amounted to $25. f. A check for $880 from Bay View Condos was returned by the bank due to insufficient funds.
Business
1 answer:
Ne4ueva [31]3 years ago
5 0

Answer:

Explanation:

Bike Co.

Bank Reconciliation

Cash balance according to Bank statement 8,980

Add:Deposits of May 31,not recorded by bank 1,050

Add:Bank error in charging checks as 730instead of $370 360 1,410

10,390

Deduct:checks outstanding 5,560

Adjusted balance 4,830

Cash balance according to company records 3795 (5140+39175-40520)

Add:collection of note 2,120

5915

Deduct: Error in recording cheque (310-130) 180

Bank service charge 25

NSF 880 1,085

Adjusted balance 4,830

2) Journal entries'

a 31-May Cash 2,120

Note receivable 2,000

interest revenue 120

b. 31-May Accounts payable-rack pro co 180

Miscellaneous expense 25

account receivable 880

cash 1,085

3) 4,830

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