a Part I (15 marks) Masters Company's bank statement showed a balance of $48,000 as at 30th November 2021. The book showed a cash balance $44,000 as at 30th November 2021. As an accountant, you need to prepare the bank reconciliation at 30th November, using the following information: 1. The company's new accounting clerk erroneously recorded $7,200 as salary expenses paid to the part-time tea lady, but the check amount should be $7,100. 2. A check $400 issued by a customer, Small Ltd., deposited previously was debited by a bank because of non-sufficient fund. 3. The company had a total check deposit of $84,000 during November, but the bank showed only deposits of $46,000. No deposit-in-transit was carried forward from last month. 4. Hifi Ltd. directly deposited $27,900 to the company's bank account to settle a note receivable (Ignore interest). 5. Examination of the paid checks revealed that two checks amounting to $15,200 had not been paid by the bank. 6. Service charge of $800 was debited by the bank. Required: (a) Prepare a bank reconciliation statement as at 30th November 2021. Show your workings. (10 marks) (b) Prepare the journal entries that should be made in the book of Masters Company as a result of the above bank reconciliation. (6 marks) Part II (18 marks) Big Ltd. used the statement of financial position approach to estimate uncollectible account receivable. On 1 January 2021, The Allowance for Impairment showed a credit balance of $15,000. During 2021, $120,000 of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $20,000 were subsequently collected. The aging schedule of the accounts receivable as at 31 December was as follows: Days past due Accounts receivable Current 1 - 60 days 61 120 days Over 120 days $ 550,000 250,000 80,000 20,000 $900,000 Estimated uncollectible percentage 1% 4% 6% 8% Required: (a) Prepare the journal entries to record the amounts written off during 2021. (4 marks) (b) Prepare the journal entries to record the $20,000 in accounts receivable that were subsequently collected. (8 marks) (c) (i) Calculate the required balance of Allowance of impairment at 31 December 2021(show your workings). (2 marks) (ii) Calculate the amount of the Impairment Loss of Receivable to be adjusted for the year (show your workings). (2 marks) (d) Prepare the adjusting entries to bring the Allowance for Impairment to the proper amount on 31 December 2021. (2 marks)