An examination of the cash activities during the year shows the following. GREAT ADVENTURES Cash Account Records July 1, 2024, to December 31, 2024
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
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