please answer these questions

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Bank reconciliation It is now June 1, 2017 You meet Rinaldo who reminds you to back up your work in Sage 50 regularly. You promise him that you will back up the company's data files immediately. Rinaldo then asks you to prepare a bank reconciliation of the regular checking account for May and provides you with the following reports: Bank statement ~ May The bank statement for May 2017 is shown below: EARTH BANK San Francisco branch Rinaldo Jensen Account No. 849 Chapman Boulevard 44873719 San Francisco, Page No. CA 98101 1Intermaweb Computer Date Particulars Debit Credit Balance MAY BALANCE BROUGHT 1 FORWARD $76,784 CR MAY 4042 2 $580 $76,204 CR MAY DEPOSIT - Handys Electronics $11,020 $87,224 CR MAY 4043 5 $1,500 $85,724 CR MAY 4041 5 $6,300 $79,424 CR MAY DEPOSIT - Jerry 6 Technology $12,726 $92,150 CR MAY 4046 8 $8,534 $83,616 CR MAY 4045 9 $1,590 $82,026 CR MAY 4044 10 $7,100 $74,926 CR MAY DEPOSITS 12 $24,209 $99,135 CR MAY 4047 20 $5,100 $94,035 CR MAY DEPOSIT - Cash 24 sales $10,290 $104,325 CR MAY 4049 30 $4,400 $99,925 CR MAY INTEREST 31 $799 $100,724 CR MAY 31 SERVICE CHARGE $12 $100,712 CR Last This Total Total Final balanceMAY 31 SERVICE CHARGE $12 $100,712 CR Final Last This Total Total balance statement to statement to debits credits 04-30-17 05-31-17 $35,116 $59,044 $100,712 CR of checks will not be available until cleared. All entries for the last business day are subject to verifi norization. Any items not paid, or withdrawn, will be justed by reversal entry on a later statement. Bank reconciliation statement ~ April Below is last month's bank reconciliation statement that was manually prepared by Rinaldo before the business converted to a computerized accounting system using Sage 50. As such, any reconciling items appearing on last month's bank reconciliation statement have not been entered as separate transactions into Sage 50. You are therefore required to manually check those reconciling items against the bank statement as part of the bank reconciliation process. Intermaweb Computer Bank Reconciliation Statement As at April 30, 2017 Balance as per bank statement: 76,784 CR Add: deposit in transit from Jerry Technology 12,726 deposit in transit from Handys Electronics 11,020 23,746 100,530 CR Less: outstanding check No. 4041 6,300 outstanding check No. 4042 580 6,880 Adjusted bank balance 93,650 CR Balance as per ledger account 93,650 DR Once you have prepared the May bank reconciliation for the checking account, Rinaldo tells you that he will ask you to answer several questions about account reconciliation in Sage 50. InstructionsOnce you have prepared the May bank reconciliation for the checking account, Rinaldo tells you that he will ask you to answer several questions about account reconciliation in Sage 50. Instructions 1. Remember to back up your data files for Intermaweb Computer. 2. Use Sage 50 to prepare a bank reconciliation as of May 31, 2017 for Intermaweb Computer. 3. Use Sage 50 to print the May account reconciliation report for the ledger account called Checking Account and transcribe your answers into the account reconciliation report provided below. Note that if Sage 50 presents numbers in brackets, you must enter those numbers as negative numbers below. For all deposits in transit, the account reconciliation report you displayed in Sage 50 will show a deposit ticket ID between the date and the dollar amount of the deposit. Note that you are not required to enter the deposit ticket IDs into the report below. 4. Answer all of the questions about Sage 50 that Rinaldo asks below. Account reconciliation report ~ May The account reconciliation report of the regular checking account is provided below: Intermaweb Computer Account Reconciliation As of May 31, 2017 1020 - Checking Account Bank Statement Date: May 31, 2017 $ $ Beginning GL Balance Add: Cash Receipts Less: Cash Disbursements Add (Less) Other Ending GL Balance Ending Bank BalanceAccount reconciliation report ~ May The account reconciliation report of the regular checking account is provided below: Intermaweb Computer Account Reconciliation As of May 31, 2017 1020 - Checking Account Bank Statement Date: May 31, 2017 Beginning GL Balance Add: Cash Receipts Less: Cash Disbursements Add (Less) other Ending GL Balance Ending Bank Balance Add (Less) Other Total other Unreconciled difference Ending GL Balance Questions on Sage 50 (Q=504.F.BR.P1.Q1) After you have completed the account reconciliation report, Rinaldo asks you to explain the meaning of one of the terms that can appear on the account reconciliation report. From your company's perspective, which of the following shows the correct description of the term outstanding checks: checks issued by your company and recorded in the company's accounts but not yet cleared by the bank checks received from customers and recorded in your company's accounts but not yet cleared by the bank checks received from customers and cleared by the bank but not yet recorded in your company's accounts checks issued by your company and cleared by the bank but not yet recorded in the company's accounts (Q=504.F.BR.P2.Q2) Rinaldo then asks you to open the Account Reconciliation window by following the steps below: 1. From the Navigation Bar, click Banking. 2. In the Banking Tasks section, click the Reconcile Accounts icon. 3. In the Account to Reconcile eld, select '1020' (Checking Account). Select the correct statement about the Account Reconciliation window that appears after the above steps are performed: When a deposit is marked as clear, Sage 50 immediately removes it from the Account Reconciliation window. The amounts of all deposits received are listed in the Deposit/Bank Debit column. When a check is marked as clear, the sum of outstanding checks increases. If a check is listed in both the bank statement and the Accounts Reconciliation window, a check mark must be placed in the Status column for that check. (Q=504.F.BR.P3.Q2) Rinaldo also asks you to open the Account Reconciliation window by following the steps below and then identify the eld that is not available in that window: 1. From the Navigation Bar, click Banking. 2. In the Banking Tasks section, click the Reconcile Accounts icon. Which of the following shows the eld that is not in the Accounts Reconciliation window: Statement Ending Balance Statement Date Statement Beginning Balance Account to Reconcile