The statement from Jackson County Bank on December 31 showed a balance of $ 24,882. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. The bank collected a note receivable of $ 2,100 for Novak Corp. on December 15 through electronic funds transfer. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January Checks outstanding on December 31 totaled $ 1.100. On December 31, the bank statement showed an NSF charge of $ 620 for a check received by the company from L. Bryan, a customer, on account. 3. 4. Prepare a bank reconciliation as of December 31 based on the available information. (Hint: The cash balance per books is $ 25,102. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase cash balance first. Reconcile cash balance per bank first.) (d) Journalize the adjusting entries resulting from the bank reconciliation and adjustment data. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 I (To record collection of notes receivable) Dec. 31 (To record NSF charge) Dec. 31 (To adjust depreciation) Dec. 31 (To adjust insurance) On December 1, 2022, Novak Corp. had the following account balances, Debit Credit Cash $17,700 Accumulated Depreciation-Equipment $2,900 Notes Receivable 2,100 Accounts Payable 6.100 Accounts Receivable 7,800 Common Stock 52,600 Inventory 15,100 Retained Earnings 10,700 Prepaid Insurance 1,700 $72,300 Equipment 27,900 $72,300 During December, the company completed the following transactions. Dec. 7 12 Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $13,000, terms 1/10,n/30. Sold merchandise on account $16,400, terms 2/10,n/30. The cost of the merchandise sold was $9,600. 17 19 Paid salaries $2.200. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17, 31 Received $2,800 cash from customers in payment of account (no discount allowed) our answer is partially correct. lize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented mount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec7 Cash 3600 Accounts Recevable 3600 Dec 12 Inventory 13000 Accounts Payable 13000 Dec 17 Accounts Receivable 16400 Sales Revenue 16400 (To record sales) Dec 17 Cost of Goods Sold 9600 Inventory 9800 (To record cost of goods sold) Dec 19 Salaries and Wages Experte 2200 Cach 2200 Dec 22 Accounts Payable 13000 MacBook Pro Dec 19 V Salaries and Wages Expense 2200 Cash 2200 Dec. 22 Accounts Payable 13000 Cash 12870 Sales Returns and Allowances 130 Dec. 26 Cash 16072 Sales Discounts 328 Accounts Receivable 16400 Dec 31 V Cash 2800 Accounts Recevable 2800 Attempts: 2 of 2 used - Your answer is partially correct. Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in entries presented in the previous part.) Cash 12/1 Bal. 17700 12/19 2200 12/7 3600 12/22 12870 12/26 16072 12/31 2800 Notes Receivable 12/1 Bal 2100 Accounts Receivable 12/1 Bal. 7800 12/7 3600 12/17 16400 12/26 16400 12/31 Bal 14000 12/31 2800 Inventory 12/1 Bal 15100 12/17 9.600 MacBook Pro 12/31 Bal. 14000 12/31 2800 Inventory 12/1 Bal 15100 12/17 9,600 12/12 13000 12/22 130 Prepaid Insurance 12/1 Bal. 1700 Equipment 12/1 Bal 27900 Accumulated Depreciation Equipment 12/1 Bal. 2900 Accounts Payable 12/22 13000 12/1 Bal. 6100 12/12 13000 Common Stock 12/1 Bal 52600 Retained Earnings 12/1 Bal. 10700 Sales Revenue 12 MacBook Pro your answer is correct The statement from Jackson County Bank on December 31 showed a balance of $24,882. A comparison of the bank statement with the Cash account revealed the following facts. 1 2. The bank collected a note receivable of $2,100 for Novak Corp. on December 15 through electronic funds transfer The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January Checks outstanding on December 31 totaled $1,100 On December 31, the bank statement showed an NSF charge of $620 for a check received by the company from L. Bryan, a customer, or account 3. 4 Prepare a bank reconciliation as of December 31 based on the available information. (Hint: The cash balance per books is $25.102 This can be proven by finding the balance in the Cash account from parts (a) and (b)) (List items that increase cash balance first Reconcile cash balance per bank first.) Novak Corp. Bank Reconciliation December 31, 2022 $ 24,882 Cash balance per bank statement 2.800 Add Deposits in transit 27682 1.100 Less Outstanding checks 26,582 Adjusted cash balance per bank (d) Journalize the adjusting entries resulting from the bank reconciliation and adjustment data. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record collection of notes receivable) Dec. 31 (To record NSF charge) Dec. 31 (To adjust depreciation) Dec. 31 (To adjust insurance) Submit Answer Attempts: 0 of 2 used Save for Later