Bank Reconciliation and Entries
The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $14,530. During October, the total cash deposited was $72,650 and checks written totaled $67,460. The bank statement indicated a balance of $24,630 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
Checks outstanding totaled $10,970.
A deposit of $8,940, representing receipts of October 31 had been made too late to appear on the bank statement.
The bank had collected for Coastal Bike Co. $4,720 on a note left for collection. The face of the note was $4,360.
A check for $270 returned with the statement had been incorrectly charged by the bank as $720.
A check for $850 returned with the statement had been recorded by Coastal Bike Co. as $580. The check was for the payment of an obligation to Rack Pro Co. on account.
Bank service charges for October amounted to $30.
A check for $1,090 from Bay View Condos was returned by the bank due to insufficient funds.
Instructions:
1. Prepare a bank reconciliation as of October 31, 20Y9.
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.
3. If a balance sheet were prepared for Coastal Bike Co. on October 31, 20Y9, what amount should be reported as cash?
In: Accounting
Americans are justifiably proud of their democratic political institutions and often believe that people of all nations would benefit from living under American style democratic rule. Should America export democracy? Discuss
In: Economics
In: Economics
In: Economics
" Explain the various strands of anticolonial movements in South Asia in light of the 1947 Partition and the politics of identity formation in the early twentieth century? How does the politics of Partition continue to affect contemporary India? "
In: History
Bank Reconciliation and Entries
The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $13,100. During October, the total cash deposited was $65,150 and checks written totaled $60,490. The bank statement indicated a balance of $22,090 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
Checks outstanding totaled $9,840.
A deposit of $8,010, representing receipts of October 31 had been made too late to appear on the bank statement.
The bank had collected for Coastal Bike Co. $4,230 on a note left for collection. The face of the note was $3,910.
A check for $490 returned with the statement had been incorrectly charged by the bank as $940.
A check for $630 returned with the statement had been recorded by Coastal Bike Co. as $360. The check was for the payment of an obligation to Rack Pro Co. on account.
Bank service charges for October amounted to $30.
A check for $980 from Bay View Condos was returned by the bank due to insufficient funds.
Instructions:
1. Prepare a bank reconciliation as of October 31, 20Y9.
| Coastal Bike Co. | ||
| Bank Reconciliation | ||
| October 31, 20Y9 | ||
| Cash balance according to bank statement | $ | |
| Adjustments: | ||
| Deposit of October 31, not recorded by bank | $ | |
| Bank error in charging check as $940 instead of $490 | ||
| Total adjustments | ||
| Adjusted balance | $ | |
| Cash balance according to company's records | $ | |
| Adjustments: | ||
| $ | ||
| Total adjustments | ||
| Adjusted balance | $ | |
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.
| a. 20Y9 Oct. 31 | |||
| b. Oct. 31 | |||
3. If a balance sheet were prepared for Coastal
Bike Co. on October 31, 20Y9, what amount should be reported as
cash?
$
In: Accounting
Visit a local or state affiliate of the Epilepsy Foundation of America, American Lung Association, American Cancer Society, Planned Parenthood Federation, or other community health organization. Obtain information about any health education programs that are offered. These should be complete programs offered by the national office to affiliates rather than special one-time programs offered by the affiliates. Determine the following: a. Target group for the program b. Goals and objectives of the program c. Sample activities or lessons in the program d. Formal evaluation of the program
In: Nursing
In: Economics
4. How valid are fears that immigration from countries other than Europe will change American culture? Is this pattern of immigration likely to be functional or dysfunctional for America? Provide some examples of the increase in Latino and Asian culture.
In: Psychology
The Founding Fathers established the foundation for the United States of America. Briefly discuss SIX creations of the 55 men that is part of the American government today. Provide a brief discussion of each invention. Remember to discuss and NOT list or bullet.
In: Economics