Question

PlEASE FILL OUT WHAT WAS GIVEN

The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $32,527. During October, the total cash deposited was $139,121, and checks written totaled $135,890. The bank statement indicated a balance of $43,660 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 $6,625.
b.	A deposit of $1,888 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. $5,250 on a note left for collection. The face of the note was $5,000.
d.	A check for $260 returned with the statement had been incorrectly charged by the bank as $620.
e.	A check for $410 returned with the statement had been recorded by Coastal Bike Co. as $140. The check was for the payment of an obligation to Rack Pro Co. on account.
f.	Bank service charges for October amounted to $37.
g.	A check for $1,418 from Bay View Condos was returned by the bank due to insufficient funds.

CHART OF ACCOUNTSCoastal Bike Co.General Ledger

	ASSETS
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
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

	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
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

Amount Descriptions
Adjusted balance
Bank error in charging check as $620 instead of $260
Bank service charges
Check returned because of insufficient funds
Deposit in transit on October 31
Error in recording check
Note collected by bank, including $250 interest
Outstanding checks
Total additions
Total deductions

Coastal Bike Co.

Bank Reconciliation

October 31, 20Y9

1	Cash balance according to bank statement
2
3
4
5
6
7
8	Cash balance according to company’s records
9
10
11
12
13
14

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6
7

Answer 1

Cash balance according to company's record at October 31 = Cash balance at October 1 + Total deposited during October - Total check written during October

= 32,527+139,121-135,890

= $35,758

Coastal Bike Co.
Bank Reconciliation
At October 31
Cash balance according to bank statement		43,660
Adjustments:
Deposit in transit	1,888
Correction of bank error	360
		2,248
Outstanding checks	-6,625
		-6,625
Adjusted balance		$39,283
Cash balance according to company's record		35,758
Adjustments:
Note collected by bank	5,250
		5,250
Correction of book error	-270
Bank service charges	-37
NSF Check	-1,418
		-1725
Adjusted balance		$39,283

Date	Description	POST. REF.	Debit	Credit	Assets	Liabilities	Equity
Oct-31	Cash	110	$5,250		Increase
	Note receivable	131		$5,000	Decrease
	Interest revenue	610		$250			Increase
	( To record note and interest collected by bank)
Oct-31	Accounts payable- Rack Pro Co.	211	$270			Decrease
	Cash	110		$270	Decrease
	( To record correction of book error)
Oct-31	Miscellaneous Expense	590	$37				Decrease
	Cash	110		$37	Decrease
	( To record bank service charges)
Oct-31	Accounts receivable- Bay View Condos	112	$1,418		Increase
	Cash	110		$1,418	Decrease
	( To record bank error)

Kindly comment if you need further assistance. Thanks‼!