On December 1, 2020, Cullumber Company had the following account balances. 5.000 Not Receivable Accounts Receivable Inventory $17.000 Accumulated Depreciation- 2.000 Account Payable 7.000 Common Stock 15.000 Bantang 1.500 22.000 Ement During December, the company completed the following transactions. De, Received $3,500 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Vance Co. $11,000, terms 1/10, 1/30. 17 Sold merchandise on account $15,000, terms 2/10, n/30. The cost of the merchandise sold was $9,000. 19 Paid salaries $2,100. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 11 Received $2,600 cash from customers in payment of account (no discount allowed). Adjustment data: 1. Depreciation $10 per month 2. Insurance expired $390 (b) Your answer is correct. The statement from Jackson County Bank on December 31 showed a balance of $24,710. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank collected a note receivable of $2,000 for Cullumber Company on December 15 through electronic funds transfer 2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January. Checks outstanding on December 31 totaled $1,100. 4. On December 31, the bank statement showed an NSF charge of $600 for a check received by the company from L. Bryan, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information. (Hint: The cash balance per books is $24,810. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List Items that increase cash balance first. Reconcile cash balance per bank first.) Post the adjusting entries to the ledger T-accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 17,000 12/19 12/2 2.10012/22 14.700 12/31 Notes Receivable "TODO TO "P Accounts Receivable 7.000 12/2 15.000 12/26 12/31 Inventory 15,000 12/13 11.000 12/22 127 Prepaid Insurance 12/1 Bal. 1,500 Equipment Accumulated Depreciation-Equipment 12/31 Accounts Payable 12/12 Common Stock ONTO Retained Earnings 12/11 Sales Revenue 12/12 Sales Discounts 12/26 Cost of Goods Sold Cost of Goods Sold 12/17 9,000 Depreciation Expense 12/31 Salaries and Wages Expense 12/19 2,100 Insurance Expense Click if you would like to Show Work for this question: Open Show Work Attempts: 1 of 3 used