Part of your duties as the company's Chief Internal Control Officer (CICO) is to prepare a bank reconciliation each month to ensure proper accounting and safeguarding of cash. The bank reconciliation involves you comparing information in the bank statement to information in the company's cash records . At the beginning of the month, both the bank and the company had a beginning cash balance of $23,470. By the end of the month, the bank statement shows a month-end cash balance of $20,680, while the company's records indicate a month-end cash balance of $24,820 The left circle encompasses all cash transactions for the month reflected in the bank's balance of cash. The right circle encompasses all cash transactions for the month reflected in the company's current balance of cash Bank's records: Deposits and credits $1,000 NOTE $50 INT $7,720 Sales $5,860 Sales $6,240 Sales Company's records: Cash receipts Bank's records: $700 NSE $3,690 EFT $1,800 Chark 524 Company's records: Cash dishurcements Company's records: Cash disbursements Bank's records: $700 NSF withdrawals and Debits $900 EFT $70 SF $3,690 EFT $1,900 Check #532 $4,180 EFT $4,500 Check #533 $1,800 Check #534 $2,400 Check #535 Click here to open graph in separate window Answer the following questions (Use the following codes DEP = deposits; EFT = electronic funds transfer. INT = interest earned: NOTE = note collected; NSF = non sufficient funds: SF = service fees), Required: 1. Which transactions are shown in the intersection of the two circles? 2. Which transactions are not yet reflected in the company's cash records? 3. Which transactions are not yet reflected in the bank's cash records for July? 4. Calculate the bank's adjusted balance of cash and the company's adjusted balance of cash (Hint: Begin with the month-end balances of cash in the bank statement and company records in the diven information above) Prev 1 of 1 RO Next Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required 5 Which transactions are shown in the intersection of the two circles? Transactions currently recorded by the bank but not yet by the company. Transactions currently recorded by the company but not yet by the bank. Transactions currently recorded by both the company and the bark Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Which transactions are not yet reflected in the company's cash records? Transactions in the left circle not included in the intersection Transactions in the right circle not included in the intersection Transactions in the intersection of the two circles. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Which transactions are not yet reflected in the bank's cash records for July? OOO Transactions in the left circle not included in the intersection Transactions in the right circle not included in the intersection. Transactions in the intersection of the two circles. Required 1 Required 2 Required 3 Required 5 Required 4 Calculate the bank's adjusted balance of cash and the company's adjusted balance of cash (Hint: Begin with the month-end balances of cash in the bank statement and company records in the given information above)... Bank Company Adjusted cash balance Record the entries to adjust the company's cash balance. The EFT for $900 includes the cost of utilities in the current month. (If no entry required for a transaction/event select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet
