Question B3 Part I At 31 March 2022, the balance of the Cash account according to the records of Ivan Company ("IC") was $38,244. The bank statement showed a balance of $38,420 as at 31 March 2022. Prepare the bank reconciliation of IC at 31 March 2022, using the following information: There were no outstanding checks and deposit in transit at the end of 28 February 2022. (1) The total deposit shown in the bank statement was $28,000 while the accounting records of IC showed the total deposit made in March was $34,400. (2) The following checks issued by IC were still outstanding: Check no. 911, $200; no. 912, $1,000; no. 914, $641. (3) A bank service charge showed in the bank statement was $100. (4) A note receivable for $6,050 (included an interest of $450) was directly credited to IC's account by the bank. (5) A check for $650 drawn by a customer, James Chow, was deducted from IC's account by the bank and returned with the notation "NSF". (6) IC's check no. 238 issued in payment of $4,565 to purchase office equipment but erroneously recorded in IC's accounting records as $4,000. Required: (8 marks) (a) Prepare the bank reconciliation statement for the month of March 2022. (b) Prepare the necessary adjusting journal entries to update the accounting record. (3 marks) Question B3 (continued) Part II The trial balance as at 31 December 2021 of Aeon Company included the following accounts: Accounts receivable at 31 December 2021 Allowance for impairment $160,000 $7,300 (Dr) At the end of the year, an aging of the accounts receivable indicated the estimated uncollectible amount for accounts receivables was $24,400. The company adjusts its account annually. Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (2 marks) (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021. (2 marks)