I need help with questions 3, 4, 5, please.

Fido's Food Mart -T Account CASH BB12/1/20XX $22,866.00 $10,000.00 Check #150 Check #151 Check #152 Check #153 Check #154 $12,500.00 Check #155 $480.00 $2,300.00 $1,200.00 $1,000.00 $1,250.00 $3,000.00 $500.00 $1,200.00 $1,000.00 $600.00 $6,400.00 $1,100.00 $15,000.00 Check #156 Check #157 Check #158 Check #159 Check #160 Check #161 Check #162 Check #163 $10,262.00 $700.00 $3,000.00 $4,500.00 $1,125.00 EB12/31/20XX $56,273.00 The bank statement arrived in the mail. Now, the accountant has to complete the following tasks: Required: 1. Reconcile the bank statement with the Cash T-Account. See the worksheets provided at the end of this project. 2. Record the journal entry to show the changes that need to be made to the Cash T-account. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions, and end balances. 3. Calculate the change in cash for the month of December. 4. Prepare a new Adjusted Trial Balance and highlight the accounts and amounts changed. 5. Using the Updated Trial Balance prepared in step 4, prepare the following: a. Multi-Step Income Statement b. Statement of Retained Earnings c. Classified Balance Sheet Statement Date December 31, 20XX BALANCE THIS STATEMENT SCOTS FEDERAL CREDIT UNION Account Number Statement of Account 8900-14-124-106 Checks and Other Deposits and BALANCE LAST Debits Other Credits STATEMENT No. Total No. Total $22,866.00 12 $18,607.00 5 $48,762.00 Date Checks Cleared Deposits Made Other Transactions 12/1/20XX 12/3/20XX Check #150 $480.00 $10,000.00 12/7/20XX Check #151 $2,300.00 12/9/20XX Check #154 $1,250.00 12/12/20XX Check #152 $1,200.00 $12,500.00 12/16/20XX Check #153 $1,000.00 12/17/20XX Check #155 $3,000.00 12/18/20XX Check #156 $500.00 $15,000.00 12/19/20XX Check #157 $1,200.00 12/20/20XX Check #158 $1,000.00 NSF check ($ 262) 12/24/20XX $10,262.00 EFT deposit + $1,000 12/28/20XX Check #160 $6,400.00 Service Charge ($15) 12/31/20XX $53,021.00 Daily Balance $22,866.00 $32,386.00 $30,086.00 $28,836.00 $40,136.00 $39,136.00 $36,136.00 $50,636.00 $49,436.00 $48,174.00 $59,436.00 $53,021.00 Preview of Chapter At the end of each month, Fido receives a bank statement from its bank. This bank statement shows the information that the bank has processed from the beginning of the month to the end of the month. The accountant must reconcile" the bank statement details to Fido's accounting records. To do this, the accountant reviews Fido's Cash ledger account to determine where the bank statement and Fido's Cash ledger account do not agree. Most often these differences are expected on a monthly basis. For instance, many banks charge a monthly service fee. This fee would not be recorded on the company's books until the monthly bank statement arrives, because the company would not know the amount of the charge until that time. The accountant prepares worksheets to show this recon- ciliation, then makes a journal entry to record transaction that may need to be recorded on Fido's Cash ledger account. The accountant should always keep a watchful eye for any transactions that are not the company's responsibility. In those cases, the accountant would contact the bank and ask for a correction of the bank error. Fido's does not have any bank errors in this project. All differences between the bank and the books need to be recorded. The change is cash is always calculated by referencing the beginning of the period book balance to the end of the period reconciled book balance. Students often confuse this as the change between the recon- ciled and unreconciled balance. The change is the change for the entire accounting period. Again, Prepare Analyze that is the beginning of the month balance com- Postclosing and Record Journal pared to the reconciled end of the month balance. Entries Note: The financial statement prepared for Record this project are needed for the remaining pro- Closing jects. No further financial statement will be Ledger Journal prepared. Entries Accounts Trial Balance Post to Prepare Financial Statements Prepare Unadjusted Trial Balance Courtesy of Laura K. Bantz and Ann Esarco Prepare Adjusted Trial Balance 1 Record Adjusting Journal Entries 67