I. PLEASE ANSWER THE SINGLE CHOICE (30 MARKS) Question 1. Preparing a bank reconciliation and journal entries [30 POINTS] The December cash records of Dunlap Insurance follow: Dunlap's Cash account shows a balance of $16,740 at December 31On December 31 Dunlap Insurance received the following bank statement: Requirements 1.Calculate Algonquin's acid-test ratio for 2013.Determine whether Algonquin's. acid-test ratio improved or deteriorated from 2021 to 2022 . How does Algonquin's acid-test ratio compare with the industry average of 0.80 ? 2.Calculate the days' sales in receivables for 2013 . How do the results compare with Algonquin's credit terms of net 30 ? 3. Calculate Algonquin's accounts receivable turnover ratio. How does Algonquin's ratio compare to the industry average accounts receivable turnover of 10