Bank Reconciliation (8 marks) kjack Corp's book balance of the cash account shows an unadjusted balance of $7.000 before reconciliation. The following data was also available: A customer's cheque for $650 was recorded on the books as $560 The bank statement does not include a deposit of $3,500 made on the last day of the month. The bank statement shows a collection of a note receivable by the bank of $1,250 and a customer's cheque for S34 was returned because it was NSF uired: alculate the correct balance in the cash account. (Note: you only need to do the book side of the bank rec) (6 marks) Item Amount 2. Prepare the journal entry needed to adjust the books for the returned NSF cheque in 1. above. (2 marks) Date Account Titles Debit Credit Month end 34 31 b) Accounts Receivable (5 marks) 32 33 1. Blues Corp, has a period end unadjusted trial balance that includes the following: Dr. Cr. 35 Accounts receivable 240,000 36 Allowance for doubtful accounts (AFDA) 1,980 37 Sales 425,000 38 Sales returns and allowances 9,000 39 40 Required: 41 Determine the period end adjusting journal entry necessary, when the estimate of uncollectible amounts 42 is based on 2% of gross receivables (3 marks) 43 44 45 Date 31-Dec Account Titles Debit Credit 46 47 45 49 50 Extra workspace below (will not be graded): 2. When is the direct write-off method of accounting for the impartment of receivables acceptable? (2 marks)