' ' QL. (25 marks) Prepare the bank conclution for Zales Company for December 9, 2020 sing the following informatie The balance per the December,2020 bank statement i 5.50001 Outstanding chequeas of December 30, 202, to 51365600 Deposits in transit as of December 30, 200, amount to R7000 The balance per the December 10, 2000 per books $20,65201 The bookkeeper mistakenly recorded 5000 cash disbursement for 500 The bank statement indicated bank wrice charges of $500 for December The bank statement indicated a NSF rum of $2500 plus additional serviews charges $10.00 Answer Zaboraine Bank Reconciliation December 20 Reconciled Balance Assumptions used Reconced Balance icon- O i - 8 R F . B N M . AH Q2 (25 marks) What are the different catronen of clouing account? Why do we close some accounts in the books in comparison to the others? Describe the overall process of closing the books tomon o i c T K B N M . Alt Car Q3 (25 marks) Given the journal entries below, write an explanation of the event that created the transaction 15,000 15,000 5.000 Cash 15,000 Common Shares b. Automobile 20.000 Note Payable Cash c Accounts Receivable 1,000 Service Revenue d Dividends 500 Cash Accounts Payable 1.500 Cash 1 Salary Expense 1875 1875 Answer: I 1.000 CH 8 Y G K . B N M Q4 25 marks) State the effect on net income totalases, total liabilities, and shareholde equity if the following adjustments are amitind by completing the chart below Utilities expense incurred but not yet paid $350 b. Supplies used during the current period, 5650 Service revenue med, but not yet collected, S. d. Uneamed revenue eamed during the period, e Depreciation on equipment, 52.600 Net Income Total Assets Total Labs Shareholders Equity b Assumptions: Tons on o e 8 P 2 T V B N M