Accounting Ex ABC Limited is a musical instrument shop located in a residential area. The shop adjusts its accounts monthly and close its accounts annually. Its cash account in June 2021 and the bank statement at 30 June 2021 are shown below: ABC Limited Cash Ledger 2021 12021 31 May Balance 88,845 1-10 June checks written 33,155 1-30 Jun Deposits 15,154 11-20 June Checks written 42,569 21-30 June Checks written 63,025 30 Jun Balance 35,250 Bank statement June 2021 31 May 1-30 June Balance Deposits received Checks cleared Service charge 30-June Additional Information: (1) The note and interest Notes and note interest received Returned check - NSF Balance 91,345 58,900 (124,500) C120) 7800 (640) 32,785 received by the bank represented a 1-year note receivable issued on 1 July 2020 and matured on 30 June 2021. The principal amount is $7,000. check had not shown up in the (2) ABC Limited wrote a $2,500 check in May but the bank statement. Required! Prepare the bank reconciliation statement for the month of June 2021. (a) (b) Prepare the necessary adjusting Journal entries to update the accounting record. Bank of City is a local community bank. The credit department estimates the impairment loss of loan receivables by using statement of financial position approach. On 31 Dec 2021, an agingschedule of loans receivable was produced under the following five groups i Amount Days loan Outstand Est.% of Uncollectible Current 250,000,000 1% 2% 1-30 days past due 50,000,000 31-60 days past due 30,000,000 5% 61-90 days past due 10,000,000 10% >90 days past due 2000,000 50% 342,000,000 End of November balance of Allowance of Impairment account was $2,000,000 Cr. Required! (d) Compute the estimated amount of uncollectible loan accounts. (b) Prepare adjusting journal entry at the year-end to record the estimated impairment loss On loan receivables. a) On 7 March 2022, a past due loan of $380,000 which had been written off in Dec 2021, was received in full. Prepare the journal entries to record the recovery of loan receivable,