do both please

i have attached the templates and the questions to be worked on let me know if you have any questions. thanks


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Option #1: Conducting a Bank Reconciliation
The following information is available to reconcile a company’s book balance of cash with its bank statement’s cash
balance as of June 30. The June 30 cash balance according to the accounting records is $8,542, and the bank
statement cash balance for that date is $8,047.
The bank erroneously cleared a $95 check against the account in June that was not issued by
the company. The check documentation included with the bank statement indicated the
check was issued by another company.
2. On June 30, the bank issued a credit memorandum for $5 interest earned on the company’s
3. When the June checks were compared with entries in the accounting records, it was found
that Check No. 1727 had been correctly drawn for $450 to pay for advertising. However, it
was erroneously entered in the accounting records as $540.
4. A credit memorandum indicated that the bank collected $900 cash on a note receivable for
the company, deducted a $30 collection fee, and credited the balance to the company’s Cash
account. The company did not record this transaction before receiving the statement.
5. A debit memorandum of $895 was enclosed with the bank statement for an NSF check for
$870 received from a customer. The bank assessed a $25 fee for processing it.
6. June 30 daily cash receipts of $6,325 were placed in the bank’s night depository on that date,
but did not appear on the June 30 bank statement.
7. June 30 cash disbursements journal indicated that Check No. 1737 for $830 and Check No.
1740 for $280 were both written and entered in the accounting records, but were not among
the canceled checks.
8. A debit memorandum for $85.00 indicated the bank deducted the annual lock box fee for the
1. Prepare the bank reconciliation for this company as of June 30.
2. Prepare the related journal entries.
Each assignment must include a title page and reference page. Review the grading rubric to understand how you will
be graded on this assignment. Reach out to your instructor if you have questions about the assignment.
Option #2: Journalizing Transactions
The following was taken from the records of Smith Company in the year ending December 31, 20X7. Journalize the
following transactions in an Excel spreadsheet for year-end 20X7 using the aging method. Assume that the allowance
for doubtful accounts has a beginning credit balance of $8,000 on January 1, 20X7. The assignment template is
attached below.
Label the transactions below as journal entries #1 to #4, along with the dates of the entries:
February 20, 20×7: Wrote off Jones account: $250.
May 20, 20×7: Received $410 as partial payment on the $700 account receivable due from
August 10, 20×7: Received $725 from Jones on the account written off on February 20, 20×7.
September 15: Wrote off the individual account receivables for the following customers as
payment not expected in future: Tang: $400; Mulaka: $210; Quan: $375.
December 31, 20×7: Smith Company prepared the following aging schedule for it accounts receivables:
• $120,000 of Accounts Receivable (A/R) are 0-30 days late: 3% probability of being uncollectible.
• $30,000 of A/R are 31-60 days late: 10% probability of being uncollectible.
• $14,000 of A/R are 61-90 days late: 20% probability of being uncollectible
• $1,000 of A/R are later than 90 days late: 50% probability of being uncollectible
Using the Excel spreadsheet template provided for this assignment, submit the following items:
The four journal entries (1 to 4 above) with a one-sentence description for each
The T-account for the allowance for doubtful accounts
The journal entry to record bad debt expense
The balance sheet presentation of net realizable value, including gross accounts receivables
of $29,500
Each assignment must include a title page and reference page. Review the grading rubric to understand how you will
be graded on this assignment. Reach out to your instructor if you have questions about the assignment.
Complete one of the following Portfolio Milestones based on the final Portfolio Project option
you decided to complete and that is due in Module 8. Do not do complete both Portfolio
Projects. Identify your Portfolio Project Milestone choice in the title of your submission.
Portfolio Milestone Option #1: Comprehensive and Secure Solution
This Milestone requires the submission of your portfolio “draft” for review and comments.
Include your outline, sources, and preliminary discussions for each section. To do this, you must
carefully review the Portfolio Project Option #1 in the Module 8 folder so that you understand
the project overall. Read it carefully and take note of the instructions there. You are to use the
major headings in the Portfolio Project as sections of your final paper.
Reach out to your instructor with any questions on the Portfolio Project. Follow APA style.
Portfolio Milestone Option #2: Comprehensive Exam
Complete and submit graded score (e.g. screenshot) of Network Pro Practice Exams (Domains
3, 4, 5).
Note: You must obtain a score of at least 80% on first attempt in order to receive credit.
ACT300 Principles of Accounting I
Module 5: Critical Thinking Template Option #1
Bank statement balance
Bank Reconciliation June 30
Book balance of cash
Reconciled balance
Reconciled balance
ACT300 Principles of Accounting I
Module 5: Critical Thinking Template Option #1
Bank statement balance
Bank Reconciliation June 30
Book balance of cash
Reconciled balance
Reconciled balance

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