Question

BANK reconciliation HELP

<p>An examination of the cash activities during the year shows the following.<br /> <br />GREAT ADVENTURES<br />Cash Account Records<br/>July 1, 2012, to December 31, 2012<br />Deposits Checks/Debit Cards<br />Date Desc. Amount Date No. Desc. Amount<br /> 7/1 Stock sale $31,5007/1 101 Insurance $ 3,600 <br /> 7/15 Clinic receipts 3,500 7/2 102 Legal fees 1,000 <br /> 7/22 Clinic receipts 4,050 7/7 DC Advertising 380 <br />7/30 Clinic receipts 4,000 7/8 103 Bikes 10,100 <br /> 8/1 Borrowing 43,000 7/24 DC Advertising 970 <br /> 8/10 Clinic receipts 3,000 8/4 104 Kayaks 17,080<br /> 8/17 Clinic receipts 11,200 8/24 DC Office supplies 1,200 <br /> 9/21 Clinic receipts 13,400 9/1 105 Rent 3,840 <br /> 10/17 Clinic receipts19,800 12/8 106 Race permit 1,400 <br /> 12/15 Race receipts 21,200 12/16 107 Salary 1,200 <br /> 12/31 108 Dividend 1,700 <br /> 12/31 109 Dividend1,700 <br /> <br /> $154,650 $44,170 <br /> <br /> <br />Summary of Transactions<br />Beginning<br />Cash Balance<br/>July 1, 2012 + Deposits &#8722; Checks = Ending<br />Cash Balance<br />December 31, 2012<br />$0 $154,650 $44,170 $110,480<br /><br /> Suzie has not reconciled the company&#8217;s cash balance with that of the bank since the company was started. She asks Summit Bank to provide herwith a six-month bank statement. To save time, Suzie makes deposits at the bank only on the first day of each month.<br /> <br />SUMMIT BANK<br/>Leading You to the Top Member FDIC <br /> <br /> Account Holder: Great Adventures, Inc. Account Number:<br /> Statement Date: 1124537774<br/>Dec. 31, 2012<br /> <br />Account Summary<br />Beginning Balance<br /> Deposits and Credits Withdraws and Debits Ending Balance<br/> <br />July 1, 2012 No Total No Total December 31, 2012<br /> <br />$0 8 $134,090 11 $39,810 $94,280<br /> <br />AccountDetails<br />Deposits and Credits Withdraws and Debits Daily Balance<br /> <br />Date Amount Desc. Date No. Amount Desc. Date Amount<br /> 7/1$ 31,500 DEP 7/1 101 $ 3,600 CHK 7/1 $27,900 <br /> 8/1 11,550 DEP 7/7 102 1,000 CHK 7/7 26,520 <br /> 8/1 43,000 DEP 7/7 380 DC 7/14 16,420 <br />9/1 14,200 DEP 7/14 103 10,100 CHK 7/24 15,450 <br /> 9/30 270 INT 7/24 970 DC 8/1 70,000 <br /> 10/1 13,400 DEP 8/9 104 17,080 CHK 8/9 52,920 <br />11/1 19,800 DEP 8/24 1,200 DC 8/24 51,720 <br /> 12/31 370 INT 9/2 105 3,840 CHK 9/1 65,920 <br /> 9/30 120 SF 9/2 62,080 <br /> 12/10 106 1,400 CHK9/30 62,230 <br /> 12/31 120 SF 10/1 75,630 <br /> 11/1 95,430 <br /> 12/10 94,030 <br /> <br /> $134,090 $39,810 12/31 $94,280 <br/> <br /> <br /> Desc. DEP Customer deposit INT Interest earned SF Service fees<br /> CHK Customer check DC Debit card <br /> <br/><br /> After comparing the two balances, Suzie has some concern because the bank&#8217;s balance of $94,280 is substantially less than thecompany&#8217;s balance of $110,480.<br /> <br />&#160;Prepare Great Adventures&#8217; bank reconciliation for the six-month period endedDecember 31, 2012. (Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response.)<br /> <br />GREAT ADVENTURES,INC.<br />Bank Reconciliation<br />December 31, 2012<br />Bank's CashBalance&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Company's Cash Balance</p>
<p>Before reconciliation $ &#160; &#160; &#160;&#160; Before reconciliation $ <br /> <br /> <br /> <br /> Afterreconciliation $ &#160; &#160; &#160; &#160;&#160; After reconciliation $ <br /> <br />&#160;</p>
<p>Record any necessary entries to adjust cash. (Omit the "$" sign in your response.)<br /> <br />Date General Journal Debit Credit<br /> Dec.31 <br /> <br /> <br /> <br /></p>

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