Great Adventures Problem AP4-1 1 An examination of the cash activities during the year shows the following. 11 points eBook Date 7/1 7/15 7/22 7/39 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 $ 25,eee 7/1 101 Insurance Clinic receipts 2,000 7/2 102 Legal fees Clinic receipts 1,840 7/7 DC Advertising Clinic receipts 5,580 7/8 103 Bikes Borrowing 48,eee 7/24 DC Advertising Clinic receipts 4,080 8/4 184 Kayaks Clinic receipts 11,280 8/24 DC Office supplies Clinic receipts 14,280 9/1 195 Rent Clinic receipts 18,982 12/8 106 Race permit Race receipts 12,082 12/16 107 Salary 12/31 188 Dividend 12/31 199 Dividend $134,640 Amount $ 6,000 2,080 480 13,000 880 42,000 1,900 3,680 1,388 1,890 2,580 2,500 $77,880 References Summary of Transactions Beginning Cash Balance July 1, 2021 Ending Cash Balance December 31, 2021 $56,840 Cash Receipts $134,648 - Cash Disbursements = $77, Bee 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 on the first day of each month. Member FDIC 1124537774 Dec. 31, 2021 Ending Balance December 31, 2021 $51,748 SUMMIT BANK Leading You to the Top Account Holder: Great Adventures, Inc. Account Number: Statement Date: Account Summary Beginning Balance Deposits and Credits Withdrawals and Debits July 1, 2021 No Total No Total $e 8 8 $123,040 11 $71,388 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc Date No. Amount Desc. 7/1 $ 25,000 DEP 7/1 1e1 $ 6,00 8/1 9,340 DEP 7/7 102 2,000 8/1 40,000 DEP 7/7 488 9/1 15,280 DEP 7/14 123 13,000 9/30 300 INT 7/24 880 10/1 14,280 DEP 8/9 184 42,080 11/1 18,982 DEP 8/24 1,990 12/31 100 INT 9/2 105 3,680 9/30 12/10 186 1,388 12/31 150 Daily Balance Date Amount 7/1 $19,800 7/7 16,600 7/14 3,600 7/24 2,800 8/1 52,148 8/9 10,140 8/24 8,248 9/1 23,440 9/2 19,840 9/30 19,999 10/1 34,198 11/1 53,090 12/10 51,798 12/31 $51,748 15e $123,840 $71,300 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 $51,740 is substantially less than the company's balance of $56.840. points GREAT ADVENTURES, INC. Bank Reconciliation December 31, 2021 Company's Cash Balance Per General Ledger eBook Bank's Cash Balance Per Bank Statement References Bank Balance Per Reconciliation Company Balance Per Reconciliation 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. General Journal Debit Credit Date Dec. 31 2021 Record entry Clear entry View general journal