Date 7/1 7/15 7/22 7/30 8/1 8/10 8/17 9/21 10/17 12/15 GREAT ADVENTURES Cash Account Records July 1, 2021, to December 31, 2021 Cash Receipts Cash Disbursements Desc. Amount Date Check# Desc. Stock sale $ 30,000 7/1 101 Insurance Clinic receipts 1,800 7/2 102 Legal fees clinic receipts 2,760 7/7 DC Advertising clinic receipts 3,600 7/8 103 Bikes Borrowing 26,000 7/24 DC Advertising clinic receipts 5,100 8/4 104 Kayaks clinic receipts 11,900 8/24 Office supplies Clinic receipts 12,800 9/1 105 Rent Clinic receipts 17,500 12/8 106 Race permit Race receipts 30,000 12/16 107 Salary 12/31 108 Dividend 12/31 109 Dividend $141,460 DC Amount $ 4,320 1,300 260 11,600 660 22,400 1,760 1,920 1,160 2,000 3,000 3,000 $53,380 Summary of Transactions Beginning Cash Balance Ending Cash Balance + - July 1, 2021 $ 0 Cash Receipts $141,460 Cash Disbursements $53,380 December 31, 2021 $ 88,080 Suzie has not reconciled the company's cash balance with that of the bank since the company was started. She asks Summit Bank to provide her with a six-month bank statement. To save time, Suzie makes deposits at the bank only or the first day of each month. Member FDIC 1124537774 Dec. 31, 2021 Ending Balance December 31, 2021 $66,280 $0 SUMMIT BANK Leading You to the Top Account Holder: Great Adventures, Inc. Account Number: Statement Date: Account Summary Withdrawals and Beginning Balance Deposits and Credits July 1, 2021 Total No Total $111,760 11 $ 45, 480 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 7/1 $ 30,000 DEP 7/1 101 $ 4,320 CHK 8/1 8,160 DEP 7/7 102 1,300 CHK 8/1 26,000 DEP 7/7 260 DC 9/1 17,000 DEP 7/14 11,600 CHK 9/30 100 INT 7/24 660 DC 10/1 12,800 DEP 8/9 22,400 CHK 11/1 17,500 DEP 8/24 1,760 DC 12/31 200 INT 9/2 1,920 CHK 9/30 50 12/10 1,160 CHK 12/31 SF 103 Daily Balance Date Amount 7/1 $25,680 7/7 24, 120 7/14 12,520 7/24 11,860 8/1 46,020 8/9 23, 620 8/24 21,860 9/1 38,860 9/2 36,940 9/30 36,990 10/1 49,790 11/1 67,290 12/10 66,130 12/31 $66,280 105 SF 106 50 $111,760 $45,480 SF Service fees Desc. DEP Customer deposit CHK Customer check INT Interest earned DC Debit card After comparing the two balances, Suzie has some concern because the bank's balance of $66,280 is substantially less than the company's balance of $88,080. 2-a. Prepare Great Adventures' bank reconciliation for the six-month period ended December 31, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) Answer is complete and correct. Bank's Cash Balance Per Bank Statement Deposits Outstanding Checks Outstanding GREAT ADVENTURES, INC. Bank Reconciliation December 31, 2021 Company's Cash Balance $ 66,280 Per General Ledger 30,000 Service Fee (8,000) Interest Earned 88,080 (100) 300 Bank Balance Per Reconciliation $ 88 280 Company Balance Per Reconciliation $ 88,280 2-b. Record any necessary entries to adjust cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Total entries to the same account together when entering in the journal entry carousel.) View transaction list Journal entry worksheet Record the amounts that increase cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31, 2021 2-b. Record any necessary entries to adjust cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Total entries to the same account together when entering in the journal entry carousel.) View transaction list Journal entry worksheet Record the amounts that decrease cash. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31, 2021