My exam is going on plz hurry
Use the following information to answer questions 1-5: Nazila started a business on 1 June 2020. Nazila received the bank statement from ANZ for the month of June 2020, and she found some items that appear on the bank statement which do not appear in the records of her cash ledger, or amounts in her records that do not agree with those shown on the bank statement. ANZ BUSINESS ADVANTAGE STATEMENT Account Number 1818-1818 01 JUNE 2020 TO 30 JUNE 2020 Date Transaction Details Withdrawals () Deposits (5) Balance (5) 2020 01 Jun OPENING BALANCE 0.001 01 Jun AGENT DEPOSIT 1047 40,000.00 40,000.00 02 Jun PAYMENT 20,000.00 20,000.00 TO Ray White Townhall 03 Jun ANZ INTERNET BANKING BPAY 2,400.00 17,600.00 Resilium Insurance broking 15 Jun ATM DEPOSIT 5,000.00 22,600.00 CASH/CHEQUE DEPOSIT 18 Jun 000001 2.500.00 20,100.00 27 Jun PAYMENT FROM Richard Chang 6,000.00 26,100.00 INV 1004 28 Jun PAYMENT 8,000.00 18.100.00 TO Alex Chae 30 Jun ACCOUNT SERVICING FEE 10.00 18.090.00 TOTAL AT END OF PERIOD 32,910.00 51,000.00 18,090.00 ACCOUNT: ANZ BUSINESS ACCOUNT Date Description Ref Dr Cr Balance 01 Jun Nazila, Capital Cash Deposit|40,000.00 40.000.00 02 Jun Rent Expense EFT 20,000.00 20,000.00 03 Jun Public Liability Insurance Bpay 2,400.00 17,600.00 13 Jun Service Revenue Cheque 5,000.00 22.600.00 [16 Jun Commission Expense Cheque 2,500.00 20,100.00 28 Jun Wages Expense EFT 8,000.00 12,100.00 29 Jun Advertising Expense Cheque 3.500.00 8.600.00 2. The adjusted cash balance on her records (book) may be different to the bank statement balance on the above case. Please advise Nazila regarding this situation A) "Nazila shouldn't have recorded the cheque payment until the transaction is cleared" B) There is a heavy workload for the existing staff members due to COVID-19 C) "There was a time lapse; you may see the transaction on the following statement" D) "Bank money is a crypto currency, there are discrepancy between the two accounts" 3. Which of the following item is required for further journal entries in the above case? A) Electronic Fund Transfer from Richard B) Cheque payment for advertising c) Bank Interest Income D) None of the above 4. Nazila recorded her contribution to business cheque account as a debit to ANZ Business account in the general journal. But it appears as credit (the right-hand side) on the bank statement on 1 June. Which of the following would best explain this situation? A) We should always separately record the transactions of a business and its owners B) For security issue, banks keep the record on the opposite sides. c) Bank statement is a subsidiary liability statement of ANZ D) Nazila's capital is not considered as a business asset from the bank's side 5. Which of the following would not affect bank reconciliation? A) Dishonoured (bounced) cheque B) Unrecorded bank service charge c) Cheque not presented D) Discount received
