Business, 20.03.2021 01:30 fonsworth5

The 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.

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Answer from: emmalou14

1. Adjusted Cash balance according to Bank statement $38,586

Adjusted Cash balance according to company records $38,586

a. Dr Cash $6,195

Cr Note receivable $5,900

Cr Interest revenue $296

b. Dr Accounts payable-Rack pro co $180

Dr Account receivable- Bay View Condos $1,213

Dr Miscellaneous expense $24

Cr Cash $1,417

3.$38,586

Explanation:

1. Preparation of a bank reconciliation as of October 1, 20Y9

Cash balance according to Bank statement $42,830

Add Deposits $1,875

Add: Bank error in charging checks as 710instead of $170 $540

Deduct checks outstanding $6,659

ADJUSTED BALANCE $38,586

Cash balance according to company records $33,808 ($32,788+$139,699-$138,679)

Add:Collection of note $6,195

Deduct Error in recording cheque ($310-$130) $180

Deduct Bank service charge $24

Deduct NSF $1,213

ADJUSTED BALANCE $38,586

2. Preparation of the Journal entries

a. Dr Cash $6,195

Cr Note receivable $5,900

Cr Interest revenue $296

($6,195-$5,900)

b. Dr Accounts payable-Rack pro co $180

Dr Account receivable-Bay View Condos $1,213

Dr Miscellaneous expense $24

Cr Cash $1,417

($180+$24+$1,213)

3. Based on the information given If a balance sheet were prepared for Fit Bike Co. on October 1, 20Y9, the amount that should be reported as cash is $38,586

Answer from: Quest

answer: heh

explanation:

Answer from: Quest

Some disadvantages to leasing a car is that you are counting on someone to give you money every week or month depending on what you decided and if they don't have all of it well what if you needed that money now you as well have to pay not in full. a disadvantages to purchasing a new vehicle is if it is used then not all the time will absolutely everything work. its almost like a trail and era. although if it is a new car they will try to though all these specials and deals at you in your lease and it can be very overwhelming if you are not use to it.

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The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $32,788. During Oct...

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