Question

The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $12,320. During November, the total cash deposited was $68,450 and checks written totaled $63,560. The bank statement indicated a balance of $23,200 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

1. Checks outstanding totaled $10,340.
2. A deposit of $8,420, representing receipts of November 30, had been made too late to appear on the bank statement.
3. A check for $720 had been incorrectly charged by the bank as $270.
4. A check for $520 returned with the statement had been recorded by Collegiate Sports Co. as $250. The check was for the payment of an obligation to Ramirez Co. on account.
5. The bank had collected for Collegiate Sports Co. $4,450 on a note left for collection. The face of the note was $4,110.
6. Bank service charges for November amounted to $70.
7. A check for $1,030 from Hallen Academy was returned by the bank because of insufficient funds.

Answer 1