Bank Reconciliation December 31, 2024 BANK BOOKS Balance, Dec 31, 2024 S 437 525 Balance, Dec 31, 2024 437525 ADD ADD Deposit in transit 118250 555 775 LESS LESS Outstanding checks (w) replenish petty cash (x) for owner withdrawal IN S 199 25 000 (y) for franchise fee 95 250 120.449 Adjusted bank balance, Dec 31, 2024 $435 326 Entor Not Appliance-Myrtle Beach has just purchased a franchise from Enter Not Appliance--Myrtle Beach completed the following transactions during Enter Not Appliance (ENA) 2024, its first year of operations (Click the icon to view the additional information ) Click the icon to view the transactions) Following is the chart of accounts for Enter Net Appliance-Myrtle Beach As a new business, all beginning balances are 50 Read the requirements (Click the icon to view the chart of accounts) Requirement 3. It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the reconciliation of the company's checking account will be done at the end of the year, based on an annual summary Reconcile the bank account by comparing the following annual summary statement from Myrtle Beach National Bank to the Cash account in the general ledger Record journal entries as needed and post to the general ledger Use transaction as the posting reference Start by reconciling the bank account by comparing the following annual summary statement from Myrtle Beach National Bank to the Cash account in the general ledger. For any outstanding checks, use the appropriate transaction letter descriptions in lieu of chuck numbers to identity cach outstanding payment Click the icon to view the bank statement) (Click the icon to view the cash account) Enter Net Appliance--Myrtle Beach Bank Reconciliation December 31, 2024 BANK 437525 Balance Dec 31, 2024 ADD . $ 0 Beginning Balance, January 1, 2024 Deposits and other credits: $ 540,000 44,100 220,000 300,000 720,000 1,350 Interest Revenue 1,825,450 Checks and other debits: EFT to Bank Checks* $ 75 Checks 55,000 340,000 60,000 52,500 250 3,200 TTCTUJTOV TUU TVCU, TUU Checks and other debits: EFT to Bank Checks* $ 75 Checks: 55,000 340,000 60,000 52,500 250 I 3,200 1,500 260,000 460,000 153,000 Bank service charge 2,400 (1,387,925) $ 437,525 Ending balance, December 31, 2024 *Bank Checks is a company that prints business checks (considered a bank expense) for Enter Net Appliance-Myrtle Beach Cash (a) 540,000 55,000 (b) (0) 44,100 340,000 (c) (m) 220,000 300,000 52,500 (d) 60,000 (e) (p) (9) 118,250 1,500 (0) (u) 720,000 3,200 (9) 250 (0) 260,000 (0) 460,000 (s) 153,000 (v) 199 (w) 25,000 (x) 95,250 (y) Bal. 436,451