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Check my work Problem 7-13 (Algo) Bank reconciliation and adjusting entries: cash and cash equivalents (Appendix 7A] The bank statement for the checking account of Management Systems Inc (MS) showed a December 31, 2021, balance of $16,336 37 Information that might be useful in preparing a bank reconciliation is as follows a Outstanding checks were $1.492 80. b. The December 31, 2021, cash receipts of $660 were not deposited in the bank until January 2, 2022. c. One check written in payment of rent for $263 was correctly recorded by the bank but was recorded by MSI as a $278 disbursement d. In accordance with prior authorization, the bank withdrew $620 directly from the checking account as payment on a note payable The Interest portion of that payment was $435 MSi has made no entry to record the automatic payment e Bank service charges of $31 were listed on the bank statement 1. A deposit of $960 was recorded by the bank on December 13, but it did not belong to MSI. The deposit should have been made to the checking account of MIS, Inc., g. The bank statement included a charge of 560 for an NSF check. The check was teturned with the bank statement and the company will seek payment from the customer h. MSi maintains a $260 petty cash fund that was appropriately reimbursed at the end of December According to instructions from MSI on December 30, the bank withdrew $18.500 from the account and purchased U.S. Treasury bills for MSI MSI recorded the transaction in its books on December 31 when it received notice from the bank Half of the Treasury bills mature in two months and the other half in six months Required: + Den har en in the MCI chemin are the mother FIE Nay! Save Help Save & Exit Submit - Check my work 1. According to instructions from MSI on December 30, the bank withdrew $18,500 from the account and purchased US Treasury bills for MSI MSI recorded the transaction in its books on December 31 when it received notice from the bank. Half of the Treasury bills mature in two months and the other half in six months. Required: 1. Prepare a bank reconciliation for the MSI checking account at December 31, 2021. You will have to compute the balance per books 2. Prepare any necessary adjusting journal entries indicated 3. What amount would Mist report as cash and cash equivalents in the current asset section of the December 31, 2021, balance sheer Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a bank reconciliation for the MSI checking account at December 31, 2021. You will have to compute the balance per books. (Round your answers to 2 decimal places.) $ 16,336.37 Bank Reconciliation Balance por bank statement Add: Deposits outstanding Service charges 680.00 31.00

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