Instructions The cash account for Coastal Bae Co, at October 1, 20Y9, indicated a balance of $5,140. During October, the

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Instructions The cash account for Coastal Bae 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 back statement indicated a balance of $8,080 on October 31, 20YD. 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. BA 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 noge 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 Flack Pro Co on account R Bank service charges for October amounted to $25 G. A check for $650 from Bay View Condos was returmed by the bank due to insufficient funds Instructions 1. Prepare a bank reconciliation as of October 31, 2019 Refer to the Amount Descriptions et provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter aubeached or negative numbers use a melus agn Mayt
Bank Reconciliation 1 Cash balance according to bank statement 2 Adjustments: 3 4 6 8 7 Adjusted balance 11 12 Deposit of October 31, not recorded by bank Bank error in charging check as $730 instead of $370 Outstanding checks 9 Cash balance according to company's records 10 Adjustments: Proceeds of note collected by bank, including $120 interest Error in recording check Total adjustments 14 13 Bank service charges Check returned because of insufficient funds 1,050.00 360.00 (5,560.00) $2,120.00 (180.00) (25.00) (880.00) $8,980.00 (4,150.00) $4,830.00
Bank Reconciliation 7 Adjusted balance 9 Cash balance according to company's records 10 Adjustments: 11 Proceeds of note collected by bank, including $120 interest 12 Error in recording check 15 Bank service charges 14 15 Total adjustments 16 Adjusted balance Check returned because of insufficient funds $2,120.00 (180.00) (25.00) (880.00) $4,830.00 1,035.00
11 12 15 Journal 14 15 14 1 3 4 5 4 1 DATE V Oct 31 Cash Notes Receivable DESCRIPTION Interest Revenue Oct. 31 Accounts Payable-Rack Pro Co. Miscellaneous Expense Cash JOURNAL POST. REF. DEBIT Score: 51/87 CREDIT I Shaded cell ACCOUNTING EQU ASSETS LIABILITIES
ASSETS CHART OF ACCOUNTS Coastal Bike Co. General Ledger 110 Cash 111 Petty Cash 112 Accounts Receivable-Bay View Condos 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land. 191 Office Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense
Chart of Accounts 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 211 Accounts Payable-Rack Pro Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense
Final Question 3. If a balance sheet were prepared for Coastal Bike Co, on October 31, 2019, what amount should be reported as cash? Feedback Check My Work Shaded cells have feedback. X Points: 0/1 Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error. Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation.