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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 Long Beach National Bank to the Cash account in the general ledger. Record journal entries as needed and post to the general ledger. Use transaction z as the posting reference. COMPREHENSIVE PROBLEM >Comprehensive Problem for Chapters 7,8, and9 Top Quality Appliance-Long Beach has just purchased a franchise from Top Quality Appliance (TQA). TQA is a manufacturer of kitchen appliances. TQA markets its products via retail stores that are operated as franchises. As a TQA franchisee, Top Quality Appliance-Long Beach will receive many benefits, including having the exclusive right to sell TQA brand appliances in Long Beach. TQA appliances have an excellent reputation and the TQA name and logo are readily recognized by consumers. TQA also manages national television advertising campaigns that benefit the franchisees. In exchange for these benefits, Top Quality Appliance-Long Beach will pay an annual franchise fee to TQA based on a percentage of sales. The annual franchise fee is a separate cost and in addition to the purchase of the franchise. adition to purchasing the franchise, Top Quality Appliance-Long Beach will also equipment. The business primarily to local building contractors for installation in new homes Following is the chart of accounts for Top Quality Appliance-Long Beach business, all beginning balances are $0. land with an existing building to use for its retail store, store fixtures, and office will purchase appliances from TQA and resell them in its store, As a new Top Quality Appliance-Long Beach Chart of Accounts Cash Petty Cash Accounts Receivable Allowance for Bad Debts Merchandise Inventory Office Supplies Prepaid Insurance Interest Receivable Notes Receivable Land Building Accumulated Depreciation-Building Store Fixtures Accumulated Depreciation-Store Fixtures Office Equipment Accumulated Depreciation-Office Equipment Franchise Accounts Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Cost of Goods Sold Franchise Fee Expense Salaries Expense Utilities Expense Insurance Expense Supplies Expense Bad Debt Expense Bank Expense Credit Card Expense Depreciation Expense-Building Depreciation Expense-Store Fixtures Depreciation Expense-Office Equipment Amortization Expense-Franchise Interest Expense Cash Short and Over Top Quality Appliance-Long Beach completed the following transactions during 2018, its first year of operations: Received $500,000 cash and issued common stock. Opened a new checking account at Long Beach National Bank and deposited the cash received from the stockholders. a. b. Paid $50,000 cash for a TQA franchise. Paid $200,000 cash and issued a $400,000, 10-year, 5% notes payable for land with an existing building. The assets had the following market values: Land, $100,000 Building, $500,000 Paid $75,000 for store fixtures. d. e. Paid $45,000 for office equipment. f. Paid $600 for office supplies. g. Paid $3,600 for a two-year insurance policy. h. Purchased appliances from TQA (merchandise inventory) on account for $425,000. i. Established a petty cash fund for $150. j. Sold appliances on account to B&B Contractors for $215,000, terms n/30 (cost, $86,000). k. Sold appliances to Davis Contracting for $150,000 (cost, $65,000), receiving a 6-month, 8% note. l. Recorded credit card sales of $80,000 (cost, $35,000), net of processor fee of 2%. m. Received payment in full from B&B Contractors. n. Purchased appliances from TQA on account for $650,000. o. Made payment on account to TQA, $300,000. p. Sold appliances for cash to LB Home Builders for $350,000 (cost, $175,000). q. Received payment in full on the maturity date from Davis Contracting for the note r. Sold appliances to Leard Contracting for $265,000 (cost, $130,000), receiving a 9-month, 8% note. s. Made payment on account to TQA, $500,000. t. Sold appliances on account to various businesses for $985,000, terms n/30 (cost, $395,000). u. Collected $715,000 cash on account. v. Paid cash for expenses: Salaries, $180,000; Utilities, $12,650 w. Replenished the petty cash fund when the fund had $62 in cash and petty cash tickets for $85 for office supplies x. Paid dividends, $5,000 y, Paid the franchise fee to TQA of 5% of total sales of $2,045,000. Plant Assets 0 Beginning Balance, January 1, 2018 Deposits and other credits 500,000 78,400 215,000 350,000 715,000 1,565 Interest Revenue 1,859,965 Checks and other debits: EFT to Bank Checks) Checks 125 50,000 200,000 45,000 75,000 150 3,600 600 00,000 500,000 192,650 2.340 (1,369,465) S 490,500 Bank service charge Ending balance, December 31, 2018 (7 Bank Checks is a company that prints business checks (considered a banlk expense) for Top Quality Appliance-Long Beach