An examination of the cash activities during the year shows the following. GREAT ADVENTURES Cash Account...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
An examination of the cash activities during the year shows the following. GREAT ADVENTURES Cash Account Records July 1, 2024, to December 31, 2024 Date 7/1 7/15 7/22 7/30 8/1 8/10 8/17 9/21 10/17 12/15 Cash Receipts Description Stock sale Clinic receipts Clinic receipts Clinic receipts Borrowing Clinic receipts Clinic receipts Clinic receipts Clinic receipts Race receipts Beginning Cash Balance July 1, 2024 $0 Amount Date $20,000 7/1 2,000 7/2 2,300 7/7 4,000 7/8 36,000 7/24 3,000 8/4 10,500 8/24 13,800 9/1 18,500 12/8 20,000 12/16 12/31 12/31 $130, 100 Summary of Transactions + Cash Receipts $130, 100 Cash Disbursements $68,080 Check number 101 102 Cash Disbursements DC 103 DC 104 DC 105 106 107 108 109 Description Insurance Legal fees Advertising Bikes Advertising Kayaks office supplies Rent Race permit Salary Dividend Dividend Ending Cash Balance December 31, 2024 $62,020 Amount $5,520 1,800 360 11,000 760 36,400 1,860 3,120 1,260 2,000 2,000 2,000 $68,080 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, 2024 $0 Date 7/1 8/1 8/1 9/1 9/30 10/1 11/1 SUMMIT BANK Leading You to the Top Great Adventures, Incorporated Deposits and Credits Amount $20,000 8,300 36,000 13,500 200 Description DEP DEP DEP DEP INT 13,800 DEP 18,500 DEP Deposits and Credits Number 8 Date 7/1 7/7 7/7 7/14 7/24 8/9 8/24 Account Summary Total $110,600 Account Details Account Number: Statement Date: Number 101 102 103 Withdrawals and Debits Amount $5,520 1,800 360 104 Withdrawals and Debits Total $62,280 Number 11 11,000 760 36,400 1,860 Description CHK CHK DC CHK DC CHK DC 1124537774 December 31, 2024 Member FDIC Ending Balance December 31, 2024 $48,320 Daily Balance Date 7/1 7/7 7/14 7/24 8/1 8/9 8/24 Amount $14,480 12,320 1,320 560 44,860 8,460 6,600 Description DEP Customer deposit INT Interest earned SF Service fees CHK Customer check DC Debit card After comparing the two balances, Suzie has some concern because the bank's balance of $48,320 is substantially less than the company's balance of $62,020. Required: 2-a. Prepare Great Adventures' bank reconciliation for the six-month period ended December 31, 2024. 2-b. Record any necessary entries to adjust cash. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Prepare Great Adventures' bank reconciliation for the six-month period ended December 31, 2024. (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, INCORPORATED Bank Reconciliation December 31, 2024 Company's Cash Balance Per General Ledger Company Balance Per Reconciliation Complete this question by entering your answers in the tabs below. Req 2A 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 Req 2B Journal entry worksheet 1 2 Record the amounts that increase cash. Date December 31, 2024 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal Req 2A 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.) Req 2B View transaction list Journal entry worksheet 1 2 Record the amounts that decrease cash. Date December 31, 2024 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal An examination of the cash activities during the year shows the following. GREAT ADVENTURES Cash Account Records July 1, 2024, to December 31, 2024 Date 7/1 7/15 7/22 7/30 8/1 8/10 8/17 9/21 10/17 12/15 Cash Receipts Description Stock sale Clinic receipts Clinic receipts Clinic receipts Borrowing Clinic receipts Clinic receipts Clinic receipts Clinic receipts Race receipts Beginning Cash Balance July 1, 2024 $0 Amount Date $20,000 7/1 2,000 7/2 2,300 7/7 4,000 7/8 36,000 7/24 3,000 8/4 10,500 8/24 13,800 9/1 18,500 12/8 20,000 12/16 12/31 12/31 $130, 100 Summary of Transactions + Cash Receipts $130, 100 Cash Disbursements $68,080 Check number 101 102 Cash Disbursements DC 103 DC 104 DC 105 106 107 108 109 Description Insurance Legal fees Advertising Bikes Advertising Kayaks office supplies Rent Race permit Salary Dividend Dividend Ending Cash Balance December 31, 2024 $62,020 Amount $5,520 1,800 360 11,000 760 36,400 1,860 3,120 1,260 2,000 2,000 2,000 $68,080 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, 2024 $0 Date 7/1 8/1 8/1 9/1 9/30 10/1 11/1 SUMMIT BANK Leading You to the Top Great Adventures, Incorporated Deposits and Credits Amount $20,000 8,300 36,000 13,500 200 Description DEP DEP DEP DEP INT 13,800 DEP 18,500 DEP Deposits and Credits Number 8 Date 7/1 7/7 7/7 7/14 7/24 8/9 8/24 Account Summary Total $110,600 Account Details Account Number: Statement Date: Number 101 102 103 Withdrawals and Debits Amount $5,520 1,800 360 104 Withdrawals and Debits Total $62,280 Number 11 11,000 760 36,400 1,860 Description CHK CHK DC CHK DC CHK DC 1124537774 December 31, 2024 Member FDIC Ending Balance December 31, 2024 $48,320 Daily Balance Date 7/1 7/7 7/14 7/24 8/1 8/9 8/24 Amount $14,480 12,320 1,320 560 44,860 8,460 6,600 Description DEP Customer deposit INT Interest earned SF Service fees CHK Customer check DC Debit card After comparing the two balances, Suzie has some concern because the bank's balance of $48,320 is substantially less than the company's balance of $62,020. Required: 2-a. Prepare Great Adventures' bank reconciliation for the six-month period ended December 31, 2024. 2-b. Record any necessary entries to adjust cash. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Prepare Great Adventures' bank reconciliation for the six-month period ended December 31, 2024. (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, INCORPORATED Bank Reconciliation December 31, 2024 Company's Cash Balance Per General Ledger Company Balance Per Reconciliation Complete this question by entering your answers in the tabs below. Req 2A 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 Req 2B Journal entry worksheet 1 2 Record the amounts that increase cash. Date December 31, 2024 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal Req 2A 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.) Req 2B View transaction list Journal entry worksheet 1 2 Record the amounts that decrease cash. Date December 31, 2024 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
Expert Answer:
Answer rating: 100% (QA)
Requirement 1 GREAT ADVENTURES INCORPORATED Bank Reconciliation December 31 2024 Banks Cash Balance ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
An examination of the cash activities during the year shows the following. GREAT ADVENTURES Cash Account Records July 1, 2015, to December 31, 2015 Suzie has not reconciled the companys cash balance...
-
An examination of the cash activities during the year shows the following. Suzie has not reconciled the company's cash balance with that of the bank since the company was started. She asks Summit...
-
An examination of the cash activities during the year shows the following. Suzie has not reconciled the company?s cash balance with that of the bank since the company was started. She asks Summit...
-
Mr. Banks is a CEO of an airline parts company. In negotiating with a major customer, he asks many questions and carefully summarized the other parties' ideas. This is an example of which effective...
-
Write the product you would expect from reaction of each of the following alkyl halides with (i) Na + ? SCH3 and (ii) Na + ?? OH (yellow-green = Cl): (a) (c) (b)
-
A survey found that 69 percent of MBA students view maximizing shareholder value as the primary responsibility of a company. Do you agree? What do you think this finding suggests about the ethical...
-
Consider the same economy as in exercise 7. But suppose that we now have y = \($380,\) = 0.75, and K = \($150.\) Assume that the bank is perfectly competitive, that the borrower is protected by...
-
Lenox Manufacturing Co. produces and sells specialized equipment used in the petroleum industry. The company is organized into three separate operating branches: Division A, which manufactures and...
-
A bank found that in recent years the average monthly charge on its credit card was $1,350 With an improving economy, they suspect that this amount has increased A sample of 40 customers resulted in...
-
Southeastern Foods has hired you to analyze their distribution-system design. The company has 11 distribution centers, with monthly volumes as listed below. Seven of these sites can support...
-
Distinguish between batch and real-time processing.
-
What are the two definitive conclusions that can be drawn between attitudes and job satisfaction? Explain in details.
-
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $1.75 and $1.25,...
-
Evaluate the following limit. Use l'Hpital's Rule when it is convenient and applicable. lim x+9x+14 x--7-63-2x+x Use l'Hpital's Rule to rewrite the given limit so that it is not an indeterminate...
-
How many years will it take a $ 4 2 0 0 investment to grow to $ 1 7 8 0 0 if it is invested at 7 . 2 % / a compounded semimonthly?
-
Humane Corp. headquartered in Quebec, Ontario, Canada, provides services in three provinces in Canada. For 2022, it recorded the following data. Quebec Ontario Alberta Total Sales revenue $3,956,000...
-
Exercise 22-14 (LO. 6)Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292days and 25% for the remaining 73 days in the year. Using therequired per-day allocation method, compute Dion's 2...
-
we have to compute the letter grades for a course. The data is a collection of student records stored in a file. Each record consists of a name(up to 20 characters), ID (8 characters), the scores of...
-
Refer to the information in BE59, but now assume that the balance of Allowance for Uncollectible Accounts before adjustment is $3,000 (debit). The company still estimates future uncollectible...
-
The December 31, 2024, adjusted trial balance for Fightin Blue Hens Corporation is presented below. Required: 1. Prepare an income statement for the year ended December 31, 2024. 2. Prepare a...
-
You have recently been hired as the assistant controller for Stanton Temperton Corporation, which rents building space in major metropolitan areas. Customers are required to pay six months of rent in...
-
United Limited, a company that manufactures sporting equipment and accessories, owns a number of properties, which are listed below: 1. Trafford Lane: a freehold factory and office block used...
-
Helix Limited (Helix) purchased three identical properties (Right, Left and Up), and leased a fourth (Down), which has been classified as a right-of-use asset in accordance with IFRS 16 Leases,...
-
What are the principal accounting and disclosure differences between IAS 40 and FRS 102, Section 16?
Study smarter with the SolutionInn App