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I. Exercise of application: Daily entries.

With information from the following transactions, prepare the journal entries, including the explanation for each journal entry.

1) On January 1, 2014, the owner contributed $ 250,000 to the company.

2) On January 5, 2014 the company purchased a building, paying in cash $ 75,000.

3) On January 10, 2014 office materials worth $ 3,000 were purchased, paying in cash $ 1,000 and agreeing to pay the difference within the next 15 days.

4) On January 20, 2014 a professional service was performed and the customer was billed $ 5,000.

5) On January 25, 2014, a partial payment of $ 2,500 was received for the service billed on January 20, 2014.

II. Application exercise: Bank Reconciliation:

Using the following information, prepares the banking reconciliation as of December 31, 2014:

Balance in books: $ 25,000
Checks outstanding: $ 1,500
Deposits in transit: $ 3,000
Balance in bank: $ 23,450
Bank charges not recorded in company books: $ 50

Determine the following:

Balance adjusted in books
Balance adjusted in bank
Prepares bank reconciliation using the model discussed in the course