Ludicolo Pte. Ltd. (the company) is an exclusive distributor of Lotad electric scooters (e-scooters) in the Southeast Asia region. Lotad e-scooters are high-end e-scooters made in Germany. You are tasked to prepare the financial statements for the financial year ended 31 March 2020 and get the accounting records ready for the auditor's review. Below is a partial list of account balances as at 31 March 2020. All accounts have normal balances unless otherwise stated. $ Accounts Payable (AP) 11,900 Accounts Receivable (AR) 218,000 Bank Service Charges 3,852 Cash 240,365 Interest Income 638 Prepaid Rent 6,050 Rent Expense 56,100 Retained Earnings 130,845 Sales Revenue 1,245,200 After reviewing the documents and interviewing key employees, you obtained the following information: (1) The company usually pays its quarterly rental of $16,500 in advance on every 1 March, 1 June, 1 September and 1 December via General Interbank Recurring Order (GIRO), an automated electronic payment service provided by the bank. Its quarterly rental was increased by 10% with effect from the rent payment made on 1 December 2019. There was no other rental paid during the financial year ended 31 March 2020. The company has not recorded the cash payment made on 1 March 2020 as the bank statement was received in early April. NANYANG TECHNOLOGICAL UNIVERSITY NANYANG BUSINESS SCHOOL AC1103 - ACCOUNTING I SEMESTER 1, 2023/2024 23S1 AC1103 Seminar 11 Discussion Questions 6 (2) The company received a bank statement in early April which showed a balance of $218,900 as at 31 March 2020. The statement indicated bank service charges amounting to $250 being incurred for the month of March 2020. In addition, the statement also indicated that the interest income earned on the average cash balance was $35 for the month of March 2020. The company has not recorded both amounts. (3) The company recorded $113,120 of deposits in the Cash account during the month of March 2020. The deposits recorded in the bank statement during the month of March 2020 were $108,000. The deposits-in-transit as at 29 February 2020 were $14,880. (4) The company recorded a total of $145,500 cheque payments in the Cash account during the month of March 2020. The total amount of cheques cleared by the bank during the month of March 2020 were $133,400. Outstanding cheques as at 29 February 2020 amounted to $4,800 and they were cleared by the bank in March 2020. Required (a) Prepare the adjusting / correcting journal entries for the above notes (1) to (2), without dates and narrations, for the financial year ended 31 March 2020. If no adjusting / correcting journal entry is required for a particular note, state "no entry" and explain the reason. Round your final answers to the nearest dollar. Show adequate workings as marks are awarded for workings. (b) Prepare the bank reconciliation statement for Ludicolo Pte Ltd as at 31 March 2020.

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a AdjustingCorrecting Journal Entries 1 Adjustment for Prepaid Rent Rent Expense Income Statement 16500 Prepaid Rent Asset 16500 Explanation The compa... View the full answer