On December 1, 2022 Ivanhoe Company had the following account balances.

	Debits		Credits
Cash	$18200	Accumulated Depreciation- Equipment	$3170
Notes Receivable	2140	Accounts Payable	6300
Accounts Receivable	7310	Common Stock	49500
Inventory	16800	Retained Earnings	16840
Prepaid Insurance	1760
Equipment	29600
	= $75,810		= $75,810

During December, the company completed the following transactions.

Dec.	7		Received $3,760 cash from customers in payment of account (no discount allowed).
	12		Purchased merchandise on account from Green Co. $13,000, terms 1/10, n/30.
	17		Sold merchandise on account $16,900, terms 2/10, n/30. The cost of the merchandise sold was $10,200.
	19		Paid salaries $2,030.
	22		Paid Green Co. in full, less discount.
	26		Received collections in full, less discounts, from customers billed on December 17.
	31		Received $2,600 cash from customers in payment of account (no discount allowed).

Journalize the December transactions. (Assume a perpetual inventory system.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 7	Cash	3760
	Accounts Receivable		3760
Dec. 12	Inventory	13000	13000
	Accounts Payable
Dec. 17	Accounts Receivable	16900
	Sales Revenue		16900
	(To record sales revenue)
Dec. 17	Cost of Goods Sold	10200
	Inventory		10200
	(To record cost of goods sold)
Dec. 19	Salaries and Wages Expense	2030
	Cash		2030
Dec. 22	Accounts Payable	13000
	Cash		12870
	Inventory		130
Dec. 26	Cash	16562
	Sales Discount	338
	Accounts Receivable		16900
Dec. 31	Cash	2600
	Accounts Receivable		2600

Enter the December 1 balances in the ledger T accounts and post the December transactions. (Post entries in the order of journal entries presented above.

The statement from Lyon County Bank on December 31 showed a balance of $26,402. A comparison of the bank statement with the Cash account revealed the following facts.

1.		The bank collected the $2,140 note receivable for Ivanhoe 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.
3.		Checks outstanding on December 31 totaled $1,240.
4.		On December 31, the bank statement showed a NSF charge of $600 for a check received by the company from M. Lawrence, a customer, on account.

Prepare a bank reconciliation as of December 31 based on the available information.(Hint: The cash balance per books is $26,222. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase balance as per bank & books first.)

Adjustment data:

1.		The amount of depreciation is $110.
2.		Insurance expired $440.
3.		Income tax expense was $310. It was unpaid at December 31.

PLEASE ANSWER: Journalize the adjusting entries resulting from the bank reconciliation and adjustment data. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)List of Accounts:

• Accounts Payable
• Accounts Receivable
• Accumulated Depreciation-Equipment
• Bank Charges Expense
• Cash
• Cash Over and Short
• Common Stock
• Cost of Goods Sold
• Depreciation Expense
• Entertainment Expense
• Equipment
• Freight-In
• Freight-Out
• Income Tax Expense
• Income Taxes Payable
• Insurance Expense
• Interest Receivable
• Interest Revenue
• Inventory
• Miscellaneous Expense
• No Entry
• Notes Receivable
• Petty Cash
• Postage Expense
• Prepaid Insurance
• Retained Earnings
• Salaries and Wages Expense
• Sales Discounts
• Sales Revenue
• Service Revenue
• Supplies
• Supplies Expense
• Travel Expense
• Utilities Expense

Cash Date 12/1 Bal. 12/7 12/26 Date 18200 12/19 2030 3760 12/22 12870 16562 Date 12/22 Accounts Payable Date 13000 12/1 Bal. 12/12 6300 13000 12/31 2600 Common Stock Notes Receivable Date Date 12/1 Bal. 2140 Date Date 12/1 Bal. 49500 Accounts Receivable Date Retained Earnings Date 12/1 Bal. Date 12/1 Bal. 12/17 16840 7310 16900 Date 12/7 3760 12/26 16900 12/31 2600 Date Sales Revenue Date 12/17 16900 Inventory Date 16800 12/17 | 10200 13000 12/22 | 130 Date 12/1 Bal. 12/17 Sales Discounts Date Date 12/26 338 Prepaid Insurance Date Date 12/1 Bal. 1760 Cost of Goods Sold Date Date 12/17 10200 Equipment Date Date 12/1 Bal. 29600 Salaries and Wages Expense Date Date 12/1 2030 Accumulated Depreciation Equipment Date Date 12/1 Bal. 3170 IVANHOE COMPANY Bank Reconciliation December 31, 2022 Cash Balance per Bank Statement, $ 26402 Add : Deposits in Transit 2600 29002 Less 4: Outstanding Checks (1240) i Adjusted Cash Balance per Bank $ 27762 Cash Balance per Books $ 26222 Add 4 Electric funds transfer received 2140 28362 Less : NSF Check (600) Adjusted Cash Balance per Books $ 27762 Account Titles and Explanation Debit Credit Date Dec. 31 (To record electric funds transfer received) Dec. 31 (To record NSF check) Dec. 31 (To record depreciation expense) Dec. 31 (To record insurance expense) Dec. 31 (To record income tax expense)