P5-2 Bank reconciliation and entries The cash account for ALLAmerican Sports Co. on April 1, 20Y5, indicated a balance of$23,600. During April, the total cash deposited was $80,150, andchecks written totaled $72,800. The bank statement indicated abalance of $40,360 on April 30, 20Y5. Comparing the bank statement,the cancelled checks, and the accompanying memos with the recordsrevealed the following reconciling items: a. Checks outstandingtotaled $9,675. b. A deposit of $4,175, representing receipts ofMarch 31, had been made too late to appear on the bank statement.c. The bank had collected $8,480 on a note left for collection. Theface of the note was $8,000. d. A check for $180 returned with thestatement had been incorrectly recorded by Recreational Systems for$810. The check was for a payment of an obligation to Jones Co. forthe purchase of office supplies on account. e. A check drawn for$750 had been incorrectly charged by the bank as $570. f. Bankservices charges for March amounted to $75. Instructions: 1.Prepare a bank reconciliation. 2. Illustrate the effects of theaccounts and financial statements of the bank reconciliation.
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