Escape Resort is privately owned by Anthony Valazzo, and reports under ASPE. The resort has been experiencing a shortage of staff and Anthony has not been able to hire a new controller after the last one left. Anthony's sister, Elvira, has been filling in the last two weeks. She graduated with an accounting degree and recently took early retirement from a career in banking. Anthony has hired you to assist Elvira. Part A [15.5 marks] Your first task is to complete the November 2020 bank reconciliation. You note the following from your review of the bank statement: 1. The bank statement shows a balance of $10,185 as at November 30, 2020. 2. The resort was charged a $20 service fee by the bank for the month of November. 3. The bank charged the resort's account $455 for a customer's NSF cheque. 4. The bank collected a note on the resort's behalf from Bon Dai Ltd. for $650 and interest of $19 on November 29. The bank charged the resort $4.50 to process this transaction. 5. In October 2020, the bank had debited the resort's account $360. Anthony had contacted the bank as this should have been deducted from Anthony's personal bank account. The November bank statement indicates that the bank has reversed this charge and corrected the error. Elvira provides you with the following additional information: 1. The resort's general ledger indicates a balance of $7,335.30 on November 30, 2020. 2. Cash receipts of $3,900 were deposited at the bank on November 30, 2020, however the bank did not process the deposit until December 2, 2020. 3. A customer's cheque for $801 had been entered as $108 in the cash receipts journal by Elvira on November 20, 2020 as a collection on account. 4. Cheque no. 437 was written to Yummies Food & Beverage Ltd in the amount of $5,322 on November 25, 2020. A review of the company's online bank account shows that the cheque cleared the bank on December 5, 2020. 5. Cheque no. 442 in the amount of $478 had been entered in the general ledger as $487, and cheque no. 443 in the amount of $582 had been entered as $58.20. Both cheques were issued at the end of the month to pay for cash purchases of furniture, and have not yet been cashed by the furniture warehouse. Required: Start this question on a new page. Show all calculations and analysis to get full marks. a) Prepare a bank reconciliation in good form for the month ended November 30, 2020. [10 marks] b) Prepare any necessary adjusting journal entries for the month ended November 30, 2020. [5.5 marks] Part B [11.5 marks] On December 31, 2020, the resort had the following balances on its unadjusted trial balance: Accounts receivable, $364,000 debit Allowance for doubtful accounts, $6,280 credit During the month of December 2020, the resort had the following transactions that have not yet been recorded: 1. On December 1, 2020, the resort received a two-year, $10,000 zero-interest bearing note in payment of services provided to AMV Limited. The implied interest rate on the note is 4%. 2. The resort received a cheque for $8,790 on December 22nd from Mandrake Corporation in payment of their account in full. The resort had previously written off 100% of the amount due from Mandrake. 3. On the last day of the year, the resort factored $200,000 of their accounts receivable with Green Financing Inc. on a without recourse basis. Under the arrangement, Green Financing will take full responsibility for collections. Green Financing Inc. assessed a finance charge of 5% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover potential sales discounts. 4. The resort estimates its uncollectible accounts using 3% of gross accounts receivable. The company uses the effective interest method to amortize any premiums or discounts. Required: Show all calculations and analysis to get full marks. Round all numbers to the nearest dollar. Prepare all of the necessary adjusting journal entries for Escape Resort for each of the transactions above. [11.5 marks]