Selected transactions completed by Silverthorn Enterprises, Inc., during its first fiscal year ended December 31, 2022, were as follows: Jan. 3: Issued a check to establish a petty cash fund of $4,500. Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: Office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory. May 13: Paid the invoice of April 14. May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. June 2: Received a 60-day, 8% note for $180,000 on the Monroe account. Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date. Aug. 24: Received $7,600 on the Moog account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Sept. 15: Reinstated the Moog account written off on August 24 and received $1,400 cash in full payment. Oct. 17: Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17. Instructions: 1. Journalize the selected transactions in the 'General Journal' tab of the template. 2. Based on the following data, prepare a bank reconciliation for December of the current year in the 'Bank Reconciliation' tab of the template: - Balance according to the bank statement at December 31,$283,000 - Balance according to the ledger at December 31,$245,410 - Checks outstanding at December 31,$68,540 - Deposit in transit, not recorded by the bank, $29,500 - Bank debit memo for service charges, $750 - A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000 3. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Silverthorn Enterprises, Inc. in the 'Adjusting Entries' tab of the template. Use the Miscellaneous Administrative Expense account to record bank service charges. Assume the check was a payment on account. 4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year in the 'Adjusting Entries' tab of the template: a. Estimated uncollectible accounts at December 31,$16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300. c. Prepaid insurance expired during the year, $22,820. d. Office supplies used during the year, $3,920. e. Depreciation is computed as follows: f. A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for 8 years. g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year. h. Interest was accrued on the note receivable received on October 17. Check Figure: Adjusted balance per bank reconciliation: $243,960 Silverthorn Enterprises, Inc. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Bank Reconciliation } \\ \hline & December 31, 2022 & \\ \hline Cash balance according to bank statement & & \\ \hline Add: & & \\ \hline Deposit in transit & & \\ \hline Deduct outstanding checks: & & \\ \hline Total outstanding checks & & \\ \hline Adjusted balance & & \\ \hline & & \\ \hline Cash balance according to Silverthorn Enterprises, Inc. & & \\ \hline Deduct: & & \\ \hline Error in recording payment & & \\ \hline Bank service charge & & \\ \hline Adjusted balance & & \\ \hline \end{tabular}