the cash account for cabrillo co at march 1 2008 267137

The cash account for Cabrillo Co. at March 1, 2008, indicated a balance of $10,676.67. During March, the total cash deposited was $39,146.38, and checks written totaled $42,918.40.

The bank statement indicated a balance of $10,960.06 on March 31. Comparing the bank statement, the canceled checks, and the accompanying memoranda with the records revealed the following reconciling items:

a. Checks outstanding totaled $11,008.25.

b. A deposit of $8,773.34, representing receipts of March 31, had been made too late to appear on the bank statement.

c. The bank had collected for Cabrillo Co. $3,710 on a note left for collection. The face of the note was $3,500.

d. A check for $380 returned with the statement had been incorrectly charged by the bank as $830.

e. A check for $419 returned with the statement had been recorded by Cabrillo Co. as $149.

The check was for the payment of an obligation to Graven Co. on account.

f. Bank service charges for March amounted to $40.

g. A check for $1,129.50 from Kane Miller Co. was returned by the bank because of insufficient funds.

Instructions

1. Prepare a bank reconciliation as of March 31.

2. Journalize the necessary entries. The accounts have not been closed.