BUS 285 - Lab 6 Part 2 Summer 2020 You have started recording the transactions and events entered into by Economy Small Engine Repair in January 2017. Before you finish the accounting for January, you decided to prepare the bank reconciliation. You have gathered the following information to use in its preparation: Economy Small Engine Repair Ltd. Bank Reconciliation December 31, 2016 Cash per bank $16,100 Cash per books $15.750 Add: Deposits in transit 600 Less: Outstanding cheques #51 350 600 950 Adjusted cash balance $15.750 Adjusted cash balance $15.750 Economy Small Engine Repair Ltd. Bank Statement January 31, 2017 #71 Description Debits Credits $350 $600 600 2,144 Date January 1 January 2 January 3 January 6 January 9 January 13 January 16 January 17 January 20 January 20 January 25 January 27 January 31 159 Cheque #51 Deposit Cheque #71 Deposit Cheque #82 Deposit Cheque #85 Deposit Cheque #83 EFT payment from customer Cheque #81 Balance $16,100 15,750 16,350 15,750 17,894 17,735 19,134 18,859 19,548 19,123 19,522 19,147 19,067 1,399 275 689 425 399 Service charges 375 80 Economy Small Engine Repair Ltd. Activity in Cash Account January 1 to 31, 2017 Date Description Debits Credits Balance January 1 $15,750 January Cheque #81 $750 15,000 January 6 Deposit $2,144 17,144 January 9 Cheque #82 159 16,985 January 12 Cheque #83 425 16,560 January 13 Deposit 1,399 17,959 January 13 Cheque #84 625 17,334 January 16 Cheque #85 275 17,059 January 20 Deposit 689 17,748 January 20 Cheque #86 1,290 16,458 January 30 Cheque #87 600 15,858 January 31 Deposit 2,650 18,508 You have determined that there are no errors in ESER's January 2017 accounting records. Tasks 1. You decided to prepare the bank reconciliation as at January 31, 2017. 2. After completing the bank reconciliation, you also decided to prepare any adjusting journal entries that are necessary as a result of the bank reconciliation process