B3 Part I James Company specializes in the production and trading of UK football clothing and accessories. The following information is available regarding this Company for the month of November: (1) On 30 November, the balance in the Company's Cash account was $27,202. (2) The company's bank statement shows a balance on 30 November of $29,279. (3) Outstanding checks at 30 November include check #3030 in the amount of $1,525 and check # 3556 in the amount of $1,459. (4) A credit memo included with the bank statement indicates that the bank collected $780 on a non-interest-bearing note receivable for James Company. The bank deducted a $10 collection fee, and credited the remainder of $770 to James Company's account. (5) A debit memo included with the bank statement shows a $67 NSF check from a customer, J. Brown. (6) A deposit placed in the bank's night depository on 30 November totalled $1,675, and did not appear on the bank statement. (7) Examination of the checks on the bank statement with the entries in the accounting records reveals that check # 3445 for the payment of an account payable was correctly written for $2,450, but was recorded in the accounting records as $2,540. (8) Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges. It has not been recorded on the Company's books. Required: Prepare the November bank reconciliation statement for James Company. (8 marks) Part II Elsie Limited is a company specialized in the trading of electronic equipment and uses periodic inventory system. The following events are occurred: 1 April 15 April Sold $2,500 of goods to Arthur Company on account. Wrote off $1,500 of account receivable under a customer named Network Company. 30 April Received a $6,000, 5%, 1-month note receivable from a customer, Calvin Company as exchange for Calvin's $6,000 account receivable. 30 May 15 July The note received from Calvin Company on April 30 was collected in full. Network Company paid $1,000 of the amount previously written off on 15 April. Required: Prepare journal entries for the above transactions of Elsie Limited, assuming Elsie Limited uses the allowance method to write off the uncollectible accounts. (7 marks)