Great Adventures Problem AP4-1 An examination of the cash activities during the year shows the following. Date 7/1 GREAT ADVENTURES Cash Account Records July 1, 2021, to December 31, 2021 Cash Receipts Cash Disbursements Dese. Amount Date Check Desc. Stock sale $ 25,000 7/1 101 Insurance Clinic receipts 2,000 772 102 Legal fees clinic receipts 1,840 7/7 DC Advertising clinic receipts 5,500 7/8 103 Bikes Borrowing 34,000 7/24 Advertising clinic receipts 4,000 8/4 Kayaks clinic receipts 11,200 8/24 office supplies clinic receipts 13,600 9/1 Rent clinic receipts 18,300 12/8 Race permit Race receipts 12,000 12/16 Salary 12/31 Dividend 12/31 Dividend $127,440 7/15 7/22 7/30 8/1 8/10 8/17 9/21 10/17 12/15 DC 104 Amount $ 5,280 1,700 340 12,400 740 33,600 1,840 2,880 1,240 1,800 2,500 2,500 $66,820 OOOO. Summary of Transactions Beginning Cash Balance Ending Cash Balance July 1, 2021 $ 0 + Cash Receipts $127,440 - Cash Disbursements $66,820 - December 31, 2021 $ 60, 620 Suzie has not reconciled the company's cash balance with that of the bank since the company was started. She asks sum timo Sutin malor donnrite at the bank only on the first day of each Droo harathriy month hant Cash Balance July 1, 2021 + - Cash Disbursements $66,820 Cash Receipts $ 127,440 $ 0 - December 31, 2021 $60,620 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 $55,520 ences 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 Debits July 1, 2021 Total No Total $115,840 11 $60,320 Account Details Deposits and credits Withdrawals and Debits Date Amount Desc. Date Amount Desc. 7/1 $ , 000 HP 7/1 101 $ 5,280 8/1 230 DEP 7/7 102 1,700 34,000 EP 7/7 340 9/1 5,200 DEP 7/14 12,400 9730 300 INT 7/24 1071 13,600 8/9 33,600 11/1 18,300 8/24 1,840 12/31 100 INT 9/2 2,880 9/30 12/10 1,240 12/31 CHK 7/7 DC 103 CHE 8/1 Daily Balance Date 7/1 $19,720 17,680 7/14 5,280 7/24 4,540 47,880 8/9 14,280 8/24 12,440 9/1 27.640 9/2 24,760 9/30 24,910 1071 38,510 11/1 56,810 12/10 55,570 12/31 $55,520 CH 150 $115,840 $60,320 Dese. DEP Customer deposit CRK Customer cheek INT Interest earned DC Debit card SP Service fees After comparing the two balances, Suzie has some concern because the bank's balance of $55,520 is substantially less than the company's balance of $60,620. 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 Company's Cash Balance Per General Ledger Bank's Cash Balance Per Bank Statement 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 1 2 Record the amounts that increase cash. Note: Enter debits before credits Date Dec. 31. General Journal Debit Credit 2021