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BUAD 111 Project - Part 6 This is the final part of the project. In this part, you will complete the year end adjusting entries, bank reconciliation, and make the final adjustments to the general ledger and trial balance. The following information is provided regarding the required adjusting entries and bank reconciliation. Remember, as always, to update your version to match the solution provided so you have the correct starting point. Adjusting journal entries at December 31, 2021: 31 Depreciation expense on the equipment for December has been correctly calculated to be $115. The supplies were counted and costed out on December 31. The were $80 of office supplies remaining. 31 31 31 days of interest expense has accrued on the note payable and must be recorded. The annual interest rate is 5%. Round the interest amount to the nearest full dollar. 31 31 All of the unearned revenue has been earned. (Credit Sales Revenue). The casual worker worked on December 30 and 31 and will be paid $65 cash on January 5. Your final adjusting entry will be to record the bank reconciling items. First, you will have to reconcile the bank account. The information you need is 31 holau Previous Month's Bank Reconciliation (at Nov. 30, 2021) Bank balance Add: o/s deposit 4,299 900 Less: o/s cheques #315 #316 110 52 Reconciled balance 5,037 GL Cash balance Less: Bank service charge Reconciled balance 5,049 12 5,037 Debits Credits 900 52 990 Current Bank statement (showing transactions for December, 2021) Explanation Nov. 30 Balance Dec. 1 Deposit 2 Cheque #316 2 Deposit 10 Cheque #315 12 Cheque #318 13 Cheque #317 26 Cheque #319 27 Debit memorandum 31 Cheque #321 31 Service charge Totals 110 63 21 2,391 54 103 13 2807 Balance 4,299 5,199 5,147 6,137 6,027 5,964 5,943 3,552 3,498 3,395 3,382 1890 NOTE: The Debit memorandum is a charge for new cheques that your business ordered previously. In the business accounts it would be debited to "Interest & Bank Charges Expense". Instructions a. Journalize the adjusting journal entries described in the information given. (Use the forms from Part 5; in this case the general journal). b. Prepare a bank reconciliation so that you can make your final adjusting journal entry. C. Journalize the adjusting journal entry resulting from the bank reconciliation. d. Post your adjusting entries to the general ledger. Use the same general ledger you used in Part 5 e. Prepare the adjusted trial balance. BUAD 111 Project - Part 6 This is the final part of the project. In this part, you will complete the year end adjusting entries, bank reconciliation, and make the final adjustments to the general ledger and trial balance. The following information is provided regarding the required adjusting entries and bank reconciliation. Remember, as always, to update your version to match the solution provided so you have the correct starting point. Adjusting journal entries at December 31, 2021: 31 Depreciation expense on the equipment for December has been correctly calculated to be $115. The supplies were counted and costed out on December 31. The were $80 of office supplies remaining. 31 31 31 days of interest expense has accrued on the note payable and must be recorded. The annual interest rate is 5%. Round the interest amount to the nearest full dollar. 31 31 All of the unearned revenue has been earned. (Credit Sales Revenue). The casual worker worked on December 30 and 31 and will be paid $65 cash on January 5. Your final adjusting entry will be to record the bank reconciling items. First, you will have to reconcile the bank account. The information you need is 31 holau Previous Month's Bank Reconciliation (at Nov. 30, 2021) Bank balance Add: o/s deposit 4,299 900 Less: o/s cheques #315 #316 110 52 Reconciled balance 5,037 GL Cash balance Less: Bank service charge Reconciled balance 5,049 12 5,037 Debits Credits 900 52 990 Current Bank statement (showing transactions for December, 2021) Explanation Nov. 30 Balance Dec. 1 Deposit 2 Cheque #316 2 Deposit 10 Cheque #315 12 Cheque #318 13 Cheque #317 26 Cheque #319 27 Debit memorandum 31 Cheque #321 31 Service charge Totals 110 63 21 2,391 54 103 13 2807 Balance 4,299 5,199 5,147 6,137 6,027 5,964 5,943 3,552 3,498 3,395 3,382 1890 NOTE: The Debit memorandum is a charge for new cheques that your business ordered previously. In the business accounts it would be debited to "Interest & Bank Charges Expense". Instructions a. Journalize the adjusting journal entries described in the information given. (Use the forms from Part 5; in this case the general journal). b. Prepare a bank reconciliation so that you can make your final adjusting journal entry. C. Journalize the adjusting journal entry resulting from the bank reconciliation. d. Post your adjusting entries to the general ledger. Use the same general ledger you used in Part 5 e. Prepare the adjusted trial balance