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3 years ago

Bank Reconciliation and Entries

Business

1 answer:

Blizzard [7]3 years ago

7 0

Answer:

1. Collegiate Sports Co.

Bank Reconciliation

November 30, 20Y9

Cash balance according to bank statement $112,675

Adjustments:

Deposit of November 30, not recorded by bank $12,200

Bank error in charging check as ($4,500)

$7,250 instead of $2,750

Outstanding checks ($41,840)

Total adjustments ($34,140)

Adjusted balance $78,535

Cash balance according to company's records $66,935

($81,145+$293,150-$307,360)

Adjustments:

Proceeds of note collec. Date ted by bank, $7,385

including $385 interest

Error in recording check as $7,600 instead of $760 $6,840

Check returned because of insufficient funds ($2,500)

Bank service charges ($125)

Total adjustments $11,600

Adjusted balance $78,535

2. Date Account Titles Debit Credit

Nov 30 Cash $14,225

Notes receivables $7,000

Interest revenue $385

Account payable $6,840

Nov 30 Account Receivable $2,500

Miscellaneous expenses $125

Cash $2,625

3. The cash to be reported is $78,535.

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