answer/correct the wrong questions below (has a red X), and answer question 2. Explain your reasoning for the answer

2 0.2 points eBook At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed. First you collect the data from June 30t reconciliation as follows: Balance per Bank $10,000 add: Deposits in Transit $ 1,800 deduct: Outstanding Cheques $(2,200) Balance per Books $ 9,600 Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 $12,000 Deposits $ 7,300 Cheques $ 4,800 Third you look at the bank statement provided by your bank and you see the following: Balance July 31 12,430 Deposits 6,000 Cheques 4,000 1 Note collected Bank service charge ,000 A B B N S NSF cheque 150 Interest received 200 Autowithdrawals 500 Which of the following adjusting journal entries is required after the bank reconciliation has been prepared? Multiple Choice O Dr. Cash $20 Cr. bank fees $20 (to reflect bank fees for the month) O None of the other alternatives are correct O Dr. Cash $500 Cr. Phone Expenses $500 (to reflect the automatic payment of the phone - autowithdraw). O Dr Cash $150 Cr. Accounts Receivables $150 (to reflect the NSF cheque) O Dr. Interest revenue $200. Cr. Cash $200 (to reflect interest earned on bank balance).6 0.5 points On January 1 a promissory note receivable was received by Overland Company in the amount of $23,200. It is a two month note bearing interest at 18% per annum. Overland follows proper accrual accounting and generates monthly financials. When the note matures it is dishonoured and interest is due on the maturity date. Required 1: Assuming no other transaction happened, what is the interest income reported on the annual Income Statement of March 1st2$| 696| @ Required 2: Assuming no other transaction happened, what is the interest receivable as of February 1st? $ | 348 | @ Required 3: Assuming no other transaction happened, what is the balance of Notes Receivables on March 1st? $ | 23896 | @ Return to q 7 0.2 points Albany Addictive Apples counted and valued its inventory using FIFO on December 31, 2013 and on December 31, 2014 and reported the calculated values on each respective balance sheet. Albany Additive Apples had zero consignment inventory on hand at December 31, 2014 and had some consignment on hand at December 31, 2013. If consignment inventory had erroneously been counted and included in inventory in the December 31, 2013 count, which of the following is true? Multiple Choice Q Net income was overstated in 2014 Inventory was overstated at December 31, 2014 Q None of the other alternatives are correct . Net income was overstated in 2013 O Inventory was understated at December 31, 2013 38 0.5 points Ultimate Company uses a periodic inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 35,050 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Inventory count December 31 - $40,000 Accounts Payable invoices dated December for purchases ordered but in transit at year end - 9,100 Trade terms with suppliers Net 30 days, FOB shipping point What value will show on Ultimate's year end balance sheet for inventory? Required 1: Assuming no other transaction happened, what value will show on Ultimate's year end balance sheet for inventory? $ 49100 @ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ (49950 | @ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $ | 95050 | @