The cash account for Collegiate Sports Co. on November 1 indicated a balance of $81,145. During November, the total cash deposited was $293,150, and...
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The cash account for Collegiate Sports Co. on November 1 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. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

1. Checks outstanding totaled $41,840.


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


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


4. 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.


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


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


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


Can you help me: bank reconciliation as of November 30


Journalize the necessary entries. The accounts have not been closed.

Top Answer

The adjusted balance should be $78,535. The adjusting entries are: Debit Cash.........................7,835 Credit Interest... View the full answer

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