- An Examination Of The Cash Activities During The Year Shows The Following Great Adventures Cash Account Records July 1 1 (96.01 KiB) Viewed 30 times
- An Examination Of The Cash Activities During The Year Shows The Following Great Adventures Cash Account Records July 1 2 (13.71 KiB) Viewed 30 times
An examination of the cash activities during the year shows the following. GREAT ADVENTURES Cash Account Records July 1, 2021, to December 31, 2021 Date 7/1 7/15 7/22 7/30 8/1 8/10 8/17 9/21 10/17 12/15 Cash Receipts Desc. Stock sale Clinic receipts Clinic receipts Clinic receipts Borrowing Clinic receipts Clinic receipts Clinic receipts Clinic receipts Race receipts Beginning Cash Balance July 1, 2021 Account Holder: Beginning Balance July 1, 2021 $0 Date 7/1 8/1 8/1 9/1 9/30 10/1 11/1 12/31 Deposits and Credits Amount $ 20,000 8,300 28,000 13,500 200 13,000 17,700 300 $101,000 Amount Date $ 20,000 7/1 2,000 7/2 2,380 7/7 4,000 7/8 28,000 7/24 3,000 8/4 10,500 8/24 13,000 9/1 17,700 12/8 20,000 12/16 12/31 12/31 20,500 Desc. DEP Customer deposit CHK Customer check Desc. DEP DEP DEP DEP INT DEP DEP INT SUMMIT BANK Leading You to the Top Great Adventures, Inc. Summary of Transactions Check# 101 182 DC 103 DC 184 DC 105 106 187 188 189 Cash Receipts - Cash Disbursements = $120,500 $55,040 Suzie has not reconciled the
company's cash balance with that of the bank since the
company was started. She asks Summit Bank to provide her with a six-month bank
statement. To save time, Suzie makes deposits at the bank only on the first day of each month. Member FDIC Deposits and Credits No 8 Date 7/1 7/7 7/7 7/14 7/24 8/9 8/24 9/2 9/30 12/10 12/31 Cash Disbursements Desc. Insurance Legal fees Advertising Bikes No. 181 182 103 Advertising Kayaks Office supplies Account Summary 184 Rent Race permit Salary Dividend Dividend 105 186 INT Interest earned DC Debit card Total $191,000 Account Details Account Number:
Statement Date: Withdrawals and Debits Amount $ 4,560 1,400 280 Withdrawals and Debits No Total $49,240 11 11,800 680 25, 200 1,780 2,160 100 1,180 100 Ending Cash Balance December 31, 2021 $65,460 $49,248 Amount $ 4,560 1,400 280 DC Desc. CHK CHK DC CHK DC CHK CHK 11,800 680 25,200 1,780 2,160 1,180 2,000 2,080 2,000 $55,040 SF CHK SF SF Service fees 1124537774 Dec. 31, 2021 Ending Balance December 31, 2021 $51,760 Daily Balance Date 7/1 7/7 7/14 7/24 8/1 8/9 8/24 9/1 9/2 9/30 10/1 11/1 12/10 12/31 Amount $15,440 13,760 1,960 1,280 37,588 12,380 10,600 24,100 21,940 22,040 35,040 52,748 51,560 $51,760 After comparing the two balances, Suzie has some concern because the bank's balance of $51,760 is substantially less than the
company's balance of $65,460.
2-a. Prepare Great Adventures' bank reconciliation for the six-month period ended December 31, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) Bank's Cash Balance Per Bank
Statement Bank Balance Per Reconciliation GREAT ADVENTURES, INC. Bank Reconciliation December 31, 2021
Company's Cash Balance Per General Ledger
Company Balance Per Reconciliation
2-b. Record any necessary entries to adjust cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Total entries to the same account together when entering in the journal entry carousel.) View transaction list Journal entry worksheet 2 < 1 Record the amounts that increase cash. Note: Enter debits before credits. Date Dec. 31, 2021 Record entry General Journal Clear entry Debit Credit View general journal
2-b. Record any necessary entries to adjust cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Total entries to the same account together when entering in the journal entry carousel.) View transaction list Journal entry worksheet < 1 2 Record the amounts that decrease cash. Note: Enter debits before credits. Date Dec. 31, 2021 Record entry General Journal Clear entry Debit Credit View general journal