Answer Happy

An examination of the cash activities during the year shows the following. GREAT ADVENTURES Cash Account Records July 1, 2021, to December 31, 2021 Cash Receipts Desc. Stock sale Clinic receipts Clinic receipts Clinic receipts Borrowing Date 7/1 7/15 7/22 7/30 8/1 8/10 Clinic receipts 8/17 Clinic receipts 9/21 Clinic receipts 10/17 Clinic receipts 12/15 Race receipts Beginning Cash Balance July 1, 2021 $0 $ Amount Date 20,000 7/1 2,000 7/2 2,300 7/7 4,000 7/8 25,000 7/24 3,000 8/4 10,500 8/24 12,700 9/1 17,400 12/8 20,000 12/16 12/31 12/31 $116,900 Cash Disbursements + Cash Receipts $116,900 Check# 101 102 DC 103 DC 104 DC 105 106 107 108 109 Summary of Transactions Cash Disbursements $49,550 Desc. Insurance Legal fees. Advertising Bikes Advertising Kayaks Office supplies Rent Race permit Salary Dividend Dividend Amount $ 4,200 1,250 250 11,500 650 21,000 1,750 1,800 1,150 2,000 2,000 2,000 $49,550 Ending Cash Balance = December 31, 2021 $67,350
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. Account Holder: Beginning Balance July 1, 2021 $8 Deposits and Credits Amount $20,000 8,300 25,000 13,500 200 12,700 17,400 300 Date 7/1 8/1 8/1 9/1 9/30 10/1 11/1 12/31 SUMMIT BANK Leading You to the Top Great Adventures, Inc. $97,400 Deposits and Credits No 8 Desc. DEP DEP DEP DEP INT DEP DEP INT Desc. DEP Customer deposit CHK Customer check Date 7/1 7/7 7/7 7/14 7/24 8/9 8/24 9/2 9/30 12/10 12/31 Account Summary Account Number: Statement Date: Total $97,400 Account Details No. 101 102 103 104 105 106 Withdrawals and Debits INT Interest earned DC Debit card Withdrawals and Debits. Amount $4,200 1,250 250 No 11 11,500 650 21,000 1,750 1,800 100 1,150 100 $43,750 Total $43,750 Desc. CHK CHK DC CHK DC CHK DC CHK SF CHK SF SF Service fees. Member FDIC 1124537774 Dec. 31, 2021 Ending Balance December 31, 2021 $53,650 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 $15,800 14,300 2,800 2,150 35,450 14,450 12,700 26,200 24,400 24,500 37,200 54,600 53,450 $53,650 After comparing the two balances, Suzie has some concern because the bank's balance of $53,650 is substantially less than the company's balance of $67,350.
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 1 2 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