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Business, 16.04.2020 21:05 teckadeck

Obj. 5 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. Instructions Prepare a bank reconciliation as of November 30, 20Y9. Answer Check Figure: Adjusted balance: $78,535 Journalize the necessary entries. 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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Obj. 5 The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $81,14...

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