I need help with part 4 of bank reconciliation

U U DULENT T-ALCOURS Mer the debitor credit first and the amount last. You do not need to enter the account number. See example below. Dr $10,000.00 or Cr $10,000.00 6. If there is no journal entry to be written please write No E for no journal entry. See below for example. NO JE Part Four Instructions In this part of the practice set, the student will prepare a Bank Reconciliation for the month of January Start by using the ending balance in your cash account for the cash for your books and the ending balance on the bank statement for the bank balance. Requirements 1. Correct Errors: Correct any errors that you made on the journal entries. Both the debits and the credits must equal each other. 2. Bank Reconciliation: Using the cash balance per books and the bank statement, prepare a bank reconciliation 3. Record Bank Reconciliation Adjustments: After you have prepared the bank reconciliation you must make any adjusting journal entries to your cash account by entering them in the general Journal of the practice set so that the general ledger cash account agrees with the bank reconciliation. 4. Assume that any errors are made by the bank. 5. After preparing the bank reconciliation answer the questions in Blackboard and then staple the bank reconciliation to the back cover. Part Five Instructions Prepare an Adjusted Trial Balance, then an Income Statement, Statement of Stockholders! Equity and a Balance Sheet and staple them to the front cover of the practice set in the correct order as listed here. These statements should be done in Word or Excel. 9 Pa Part One, Two and Three Instructions Record the January 2020 transactions in the general journal (last section of this practicesting the following events. Skip a line between each entry and number the entries to match the number of the transaction in the general journal record the transaction number, the date. De/Cr and the account numbers along with the dollar amounts. After all journal entries are entered into the practice tentar the adjusting journal entries. Next, create a T-Account for each account that is used in the Chart of Accounts and record the transactions and end with an ending balance. All ending balances should be on the normal balance side even if the account has a zero balance. If there is a number that is een round to the nearest cent. You will need the ending balance in the cash account for the bank reconciliation. All instructions for Blackboard start on page 8 Transactions Date 1/02/20 2 1/02/20 Deposit Na Check No Description Samantha Saeed met with her lawyer and CPA for advice on starting the business. They decided that Ms. Sneed would organize the business as a corporation. The lawyer told Ms. Sneed to register the company name, Sweaty Bands, Inc., with the County of El Paso in addition, Ms. Saeed will get an employer identification number (EN) from the Internal Revenue Service and get a sales tax permit from the state of Texas. The lawyer agreed to prepare the Artides of Incorporation to be filed with the Secretary of State of Texas The CPA has agreed to help Ms. Sneed set up her accounting system Deposit 81 Ms. Sneed opened a business checking account at Wells Fargo Bank by depositing the personal check she gave her company for $25,000. The corporation issued her a stock certificate for 50,000 shares of common stock ck $1001 Ms. Sneed signed a one-year rental agreement with Rusty Realtors for shop space. She was required to pay $3,200 for rent for the months of January 1, 2020 - April 30, 2020. Ck #1002 Arranged for a general business lability insurance policy and paid $1,800 to State Penn Insurance. This premium is for six months of coverage. Purchased store equipment for a cost of $10,000 from Office and Store Supply for use in the business. Ms. Sneed signed a one year. 6% note payable for the cost of the office and store equipment. The store and office equipment have an estimated useful life of 4 years 3 1/03/20 4. 1/03/20 5. 1/03/20 51 Page and the residual salvace value is 2000. This will be recorded as Store and Office Equipment 6 1 /05/20 Deposit 2 Signed a note payable to borrow $2,000 from Wells Fargo Bank Interestis annually and the note is to be repaid with interest in six months 7 1/05/20 ck 1001 Purchased furniture and fixtures for $13.000 from Furniture Warehouse. The estimated service life of this asset is 5 years. The residual (salvage value) is $1,000. This will be recorded as Furniture and Fixtures 8. 1/06/20 CK 1004 Purchased Computer Equipment for $900 to be used in the store. The computer equipment has a useful le of years. 9. 1/06/20 Ck M1005 Purchased 5300 in office supplies. 10. 1/08/20 Purchased $11,000 of Inventory Orange Headbands from Hailey's Headbands on account. 11. 1/08/20 Purchased 55,000 inventory.Blue Headbands from Hailey's Headbands on account 12. 1/13/20 ck 1006 Ms. Sneed received and paid the $350 charge from her lawyer. 13. 1/13/20 sweaty Bands is now open for business. Sales will be both retail and wholesale. Retail customers will purchase online and at the shop and will be charged an 8.25% sales tax. Ms. Sneed will allow major customers to charge their purchases on account and then pay later. 14. 1/13/20 Sold headbands to UTEP for their homecoming banquet on account for $8,000. The cost of the orange headbands is $2,500. The cost of the blue headbands is $1,500. UTEP does not have to pay sales tax on the purchase. 15. 1/14/20 Purchased 5200 of store supplies on account. This is to be recorded as store supplies. 16. 1/14/20 Purchased additional orange headbands from Halley's Headbands on account, for $5,500 17. 1/15/20 Recorded sales on account for the first five days of operation Sales on account totaled $5,500 and the sales tax totaled 5453.75. The cost of merchandise sold was $2750.00. (Orange headbands were $1,500 and Blue headbands were $1,250.) 18. 1/20/20 Ck #1007 Received and paid the $200 invoice for store supplies. 19. 1/22/20 Deposit #3 Received cash from sales on account on 1/15/20 20. 1/22/20 Ck #1008 Paid the two invoices from Hailey's Headbands from 1/08/20. 21. 1/22/20 Ordered blue headbands for $2,900 on account. 22. 1/23/20 Ms. Sneed donated headbands to the Child Crisis fundraiser. She felt that this was a good way to advertise her new business. Her business was listed as a sponsor and a large ad was put in the fund raiser program. Cost of the blue headbands were $750, and the 6 Page 23. 1/23/20 Depost 25. 26. 121/20 1/23/20 1010 Depout 5 27. 1/23/20 OK 1011 orange headbands were 5100 M Speed consider this an advertising expense Recewed payment in Nel from UTLP. The payment was deputed in the bank Ms. Sneed paid her credit card for the month The total was $375 for deliveries Parchased and paid for 565 of office supos Internet and retail sales totaled $10.620 and sales taxes of $876.15 was collected. The cost of the merchandise sold was $5.110 Headbands $2,655: Orange headbands 52.655). The money was deposited in the bank Paid the balance due to H 's Headbands. There are two invoices one on 1/14/20 and the other on 1/22/20 Collected sales of $4,100. Sales tax collected was $280.50. All was deposited in the bank. The cost of the merchandise sold was $2.150. Orange headbands $2.000, Blue headbands 5150) Received but did not pay the electric bill for the month, 527723 Paid the first monthly installment on the office equipment. The payment amount is $82333. Of this amount, $50.00 is for interest and 5833 33 is for principal. Make the check payable to Store & Office Supply Recorded internet sales for the last week of the month. Sales were $2,570 and sales tax collected was $212.03. all was deposited in the bank. The cost of the merchandise sold was $1,350 (Blue headbands $1,000, Orange headbands $350). Pald all sales tax owed for January to the Comptroller of Public Accounts Declared and paida cash dividend of $100 to Samantha Saeed 29. 1/28/20 30. 1/30/20 ck 1012 31. 1/30/20 Deposit 27 32. 1/31/20 Ck 1013 33. 1/31/20 Ck 1014 Once all the journal entries are recorded in the practice set, record the adjusting journal entries below with the date being January 31, 2020. The following are the adjusting journal entries for the month of January Record Adjusting Entries: Record the following month end adjusting entries for the month of January Write the journal entries in the practice set after the original journal entries and round to the nearest cent. a. 1.550 of wages for the part-time help from Irene's Temp Services for January should be accrued. Do not worry about payroll taxes: Temp Services Inc. will handle these. b. $150 of store supplies remained on hand. c. $43 of office supplies remained on hand. 7 Page Stockholders' Equity 39003 Common Stock 39005 Retained Earnings 39007 Dividends Current Assets 10000 Cash 11000 Accounts Receivable 12000 Inventory-Orange Headbands 12100 Inventory - Blue Headbands 13100 Office Supplies 13200 Store Supplies 18000 Prepaid Rent 18100 Prepaid Insurance 18200 Prepaid Advertising Revenue 40000 Sales 17000 Long-Term Assets 15000 Store & Office Equipment Accumulated Depreciation --Store & Office Equipment 15100 Furniture & Fixtures 17100 Accumulated Depreciation Furniture & Factures 15200 Computer Equipment 17200 Accumulated Depreciation - Computer Equipment Expenses 50000 60100 60150 60200 60300 60350 60400 60500 Cost of Goods Sold Legal Expense Store Supplies Expense Office Supplies Expense Insurance Expense Wages Expense 60550 60600 60650 60700 - 60750 Delivery Expense Advertising and Promotion Expense Utlity expense Rent Expense Depreciation Expense Interest Expense Bank Service Fee Current Liabilities 20000 Accounts Payable 21100 Note Payable-Wells Fargo Bank 21200 Note Payable-Store & Office Supply 23100 Wages Payable 23200 Interest Payable 23300 Sales Tax Payable 23400 Utility Payable Long-Term Liabilities 27000 Mortgage Payable 27100 Notes Payable Bank Statement Wells Fargo Bank Page 1 PO Box 12345 El Paso, Texas 79902 Sweaty Bands, Inc. 123 Main Avenue El Paso, Texas 79945 WELLS FARGO BANK STATEMENT Sweaty Bands, Inc. $o Balance, beginning Deposits and other credits Checks and other debits Balance an statement date 01/01/2020 January January 01/31/2020 $57,449.90 $37,163.33 $20.286.57 Deposits Added 1/2/2020 Deposit 1 $25,000.00 1/5/2020 Deposit 2 $7,000.00 1/19/2020 Deposit 3 $5,953.75 1/23/2020 Deposit 4 $8,000.00 1/23/2020 Deposit 5 $11.496.15 Wells Fargo Bank Statement-Checks Pald and other Debits 1001 $3,200.00 1007 $200.00 1002 $1,800.00 1008 $16,000.00 1003 $13,000.00 1012 $883.33 1004 $900.00 NSF $300.00 1005 $300.00 DM $30.00 Check Printing Fee 1006 $530.00 SC $20.00 Charge for NSF Check "Assume any errors are made by the bank 10 Page