Homework Help is Here – Start Your Trial Now!
Business
Accounting
Textbook Problem Bank reconciliation and entries The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The bank statement indicated a balance of $8,980 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 $5,560. B. A deposit of $1,050 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. $2,120 on a note left for collection. The face of the note was $2,000. D. A check for $370 returned with the statement had been incorrectly charged by the bank as $730. 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 $25. G. A check for $880 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. 3. If a balance sheet were prepared for Coastal Bike Co. on Octobor 21. 20 vo what amo. + chould be ronortod as cach?

Textbook Problem Bank reconciliation and entries The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The bank statement indicated a balance of $8,980 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 $5,560. B. A deposit of $1,050 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. $2,120 on a note left for collection. The face of the note was $2,000. D. A check for $370 returned with the statement had been incorrectly charged by the bank as $730. 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 $25. G. A check for $880 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. 3. If a balance sheet were prepared for Coastal Bike Co. on Octobor 21. 20 vo what amo. + chould be ronortod as cach?

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
See similar textbooks
icon
Related questions
Question

I would like help on this question. 

Want to see this Textbook Problem Solutions are writ who are availabl typically answe mi Bank reconciliation and entries The cash account for Coastal Bike Co. at October 1, 20Y9, See indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The *Response time bank statement indicated a balance of $8,980 on October 31, 20Y9. question complexit is 34 minutes and Comparing the bank statement, the canceled checks, and the su accompanying memos with the records revealed the following reconciling items: A. Checks outstanding totaled $5,560. B. A deposit of $1,050 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. $2,120 on a note left for collection. The face of the note was $2,000. D. A check for $370 returned with the statement had been incorrectly charged by the bank as $730. 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 $25. G. A check for $880 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. 3. If a balance sheet were prepared for Coastal Bike Co. on Octobor 21 2nvo Twhat ormount chould be ronortod os coch2
Transcribed Image Text:Want to see this Textbook Problem Solutions are writ who are availabl typically answe mi Bank reconciliation and entries The cash account for Coastal Bike Co. at October 1, 20Y9, See indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The *Response time bank statement indicated a balance of $8,980 on October 31, 20Y9. question complexit is 34 minutes and Comparing the bank statement, the canceled checks, and the su accompanying memos with the records revealed the following reconciling items: A. Checks outstanding totaled $5,560. B. A deposit of $1,050 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. $2,120 on a note left for collection. The face of the note was $2,000. D. A check for $370 returned with the statement had been incorrectly charged by the bank as $730. 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 $25. G. A check for $880 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. 3. If a balance sheet were prepared for Coastal Bike Co. on Octobor 21 2nvo Twhat ormount chould be ronortod os coch2
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Data and information
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS