Great Adventures Problem AP4-1 An examination of the cash activities during the year shows the following. 7/1 GREAT ADVENTURES Cash Account Records July 1, 2021, to December 31, 2021 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 2 Stock $ 25,000 7/1 101 Insurance $ 4,920 sale Clinic 7/15 2,000 772 102 Legal fees 1,550 receipts 7/22 Clinic 1,840 7/7 DC Advertising 310 receipts 7/30 clinic 5,500 7/8 103 Bikes 12,100 receipts 8/1 Borrowing 31,000 7/24 DC Advertising 710 Clinic 8/10 4,000 8/4 104 Kayaks 29,400 receipts Clinic Office receipts 11,200 8/24 DC 1,810 supplies Clinic 13,300 9/1 105 Rent 2,520 receipts 10/17 Clinic 18,000 12/8 106 Race permit 1,210 receipts 12,000 12/16 107 Salary 1,800 receipts 12/31 108 Dividend 2,500 12/31 109 Dividend 2,500 $123,840 $61,330 9/21 12/15 Race Summary of Transactions Ending Beginning Cash Balance July 1, 2021 $ 0 + Cash Receipts $123,840 Cash Balance Cash December 31, - Disbursements = 2021 $61,330 $ 62,510 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 Account Holder: SUMMIT BANK Leading You to the Top Great Adventures, Inc. Account Number: Statement Date: Account Summary Withdrawals and Deposits and Credits _ Debits 1124537774 Dec. 31, 2021 Beginning Balance Ending Balance December 31, 2021 $57, 410 7/7 July 1, 2021 NO Total No Total $0 $112,240 11 $54,830 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 7/1 $ 25,000 DEP 7/1 101 $ 4,920 CHK 8/1 9,340 DEP 7/7 102 1,550 CHK 8/1 31,000 DEP 7/7 310 DC 9/1 15, 200 DEP 7/14 103 12,100 CHK 9/30 300 INT 7/24 710 DC 10/1 13,300 DEP 8/9 104 29,400 CHK 11/1 18,000 DEP 8/24 1,810 DC 12/31 100 INT 9/2 105 2,520 CHK 9/30 150 12/10 106 1,210 CHK 12/31 150 Daily Balance Date Amount 7/1 $20,080 18, 220 7/14 6,120 7/24 5,410 8/1 45,750 8/9 16,350 8/24 14,540 9/1 29,740 9/2 27, 220 9/30 27,370 10/1 40,670 11/1 58,670 12/10 57,460 12/31 $57,410 SF SF $112,240 $54,830 SF Service fees DEP Customer Desc. deposit CHK Customer check INT Interest earned DC Debit card 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.) GREAT ADVENTURES, INC. Bank Reconciliation December 31, 2021 Bank's Cash Balance Company's Cash Balance Per Bank Statement $ 57,410 Per General Ledger $ 62,510 Deposits Outstanding Interest Earned Checks Outstanding | Service Fee (300) 400 Bank Balance Per Reconciliation Company Balance Per Reconciliation $ 62,610