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journal..v he cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of...

journal..v

he cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $32,788. During October, the total cash deposited was $139,699, and checks written totaled $138,679. The bank statement indicated a balance of $42,830 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 $6,659.
B. A deposit of $1,875 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. $6,195 on a note left for collection. The face of the note was $5,900.
D. A check for $170 returned with the statement had been incorrectly charged by the bank as $710.
E. 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.
F. Bank service charges for October amounted to $24.
G. A check for $1,213 from Bay View Condos was returned by the bank due to insufficient funds.

Solutions

Expert Solution

Coastal Bike co.
Bank reconciliation statement
Oct-31
Cash balance according to bank statement $        42,830
Add:deposit of oct 31 not recorded by bank $            1,875
   Bank error in charging check as $710 intead $                540
   of $170 $          2,415
$        45,245
Deduct outstanding checks $          6,659
Adjusted balance $        38,586
Cash balance according to company's records $        33,808
Add: proceeds of note collected by bank , including
$295 interest $          6,195
$        40,003
Deduct:check returned because of insufficient funds $            1,213
              Bank service charges $                  24
            Error in recording check(310-130) $                180 $          1,417
Adjusted balance $        38,586
Note:
Cash balance August 1 $          32,788
Add:cash deposited $       139,699
Less:checks written in august $     (138,679)
Balance per company's book $          33,808
Ques 2
Cash $            6,195
   Notes receivable $          5,900
   Interest revenue $              295
Accounts payable-rack pro $                180
Accounts receivable-bay view $            1,213
Miscellaneous expense $                  24
   cash $          1,417
ques 3
$38,586 the adjusted balance of cash should be reported in balance sheet

ekkarill92 answered 9 months ago
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