Problem 4 Chapter 7 Cumberland City Cycles, Inc. opened a checking account at First City, Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 0 Deposits and other credits Jan. 2 10 15 20 25 26 EFT CC Youth Center 31 Interest Revenue Checks and other debits Jan. 3 Ck# 100 5 Ck# 103 7 C# 102 10 C# 105 CHIAR $ 50,000 500 6,000 750 3,500 250 25 61,025 250 2,000 5,000 1,000 400 7 C# 102 10 Ck# 105 15 Ck# 106 20 Ck# 104 25 EFT to CC Utilities? 31 Bank service charge Ending balance, January 31, 2021 5,000 1,000 4,000 750 500 50 13,550 $47.475 On the Excel worksheet are the T-accounts for Cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible. This EFT from CC Youth Center is a receipt from a customer making a payment on account. This is the company's only accounts receivable. 2 This EFT to CC Utilities is for January utility expenses. This is first utilities expense payment. Data Review View Tell me ab Wrap Text Custom Iul it Draw Page Layout Formulas Calibri (Bodyl 11AA BIU. Xv fx 47475 C D Merge & Center $ % ) Condit Formal F G H E J K L B Cumberland City Cycles, Inc. Utilities Expense Interest Revenue 2-Jan 10-Jan 15-lan 20 Jan 25-lan 31.Jan Cash-First Cty Bank 50.000 500 250 Oil 100 6,000 850 kl 101 750 5,000 C102 3,500 2,000 C103 4,000 750 104 1,000 C105 4,000 C 106 450 J 107 Bank Charge Expense Accounts Receivable 400 5 2 50,450 19 20 21 22 23 24 2. 27 21 29 30 11 32 esc 1 3 bu . 18 F % ! 1 @ 2 %23 3 $ 4 & 7 5 6 8 9 Q W E R T Y Ideas Sensitivity Delete Format Conditional Format Cell Formatting as Table Styles Sort & Filter Sensitivity Find & Select S N . L R 0 P Q K Cumberland City Cycles, Inc. Bank Reconciliation 31-Jan-21 nue Bank: Balance, January 31, 2021 Add: 47,475 eceivable Deduct: Adjusted Bank Balance Books: Balance, January 31, 2021 Add: 50,450 Deduct: Adjusted Book Balance, January 31, 2021 130% ON FO FSO F11 F12 * + 8 ( 9 ) 0 delete Problem 4 Chapter 7 Cumberland City Cycles, Inc. opened a checking account at First City, Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 0 Deposits and other credits Jan. 2 10 15 20 25 26 EFT CC Youth Center 31 Interest Revenue Checks and other debits Jan. 3 Ck# 100 5 Ck# 103 7 C# 102 10 C# 105 CHIAR $ 50,000 500 6,000 750 3,500 250 25 61,025 250 2,000 5,000 1,000 400 7 C# 102 10 Ck# 105 15 Ck# 106 20 Ck# 104 25 EFT to CC Utilities? 31 Bank service charge Ending balance, January 31, 2021 5,000 1,000 4,000 750 500 50 13,550 $47.475 On the Excel worksheet are the T-accounts for Cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible. This EFT from CC Youth Center is a receipt from a customer making a payment on account. This is the company's only accounts receivable. 2 This EFT to CC Utilities is for January utility expenses. This is first utilities expense payment. Data Review View Tell me ab Wrap Text Custom Iul it Draw Page Layout Formulas Calibri (Bodyl 11AA BIU. Xv fx 47475 C D Merge & Center $ % ) Condit Formal F G H E J K L B Cumberland City Cycles, Inc. Utilities Expense Interest Revenue 2-Jan 10-Jan 15-lan 20 Jan 25-lan 31.Jan Cash-First Cty Bank 50.000 500 250 Oil 100 6,000 850 kl 101 750 5,000 C102 3,500 2,000 C103 4,000 750 104 1,000 C105 4,000 C 106 450 J 107 Bank Charge Expense Accounts Receivable 400 5 2 50,450 19 20 21 22 23 24 2. 27 21 29 30 11 32 esc 1 3 bu . 18 F % ! 1 @ 2 %23 3 $ 4 & 7 5 6 8 9 Q W E R T Y Ideas Sensitivity Delete Format Conditional Format Cell Formatting as Table Styles Sort & Filter Sensitivity Find & Select S N . L R 0 P Q K Cumberland City Cycles, Inc. Bank Reconciliation 31-Jan-21 nue Bank: Balance, January 31, 2021 Add: 47,475 eceivable Deduct: Adjusted Bank Balance Books: Balance, January 31, 2021 Add: 50,450 Deduct: Adjusted Book Balance, January 31, 2021 130% ON FO FSO F11 F12 * + 8 ( 9 ) 0 delete