read this text and proivde an outline in bullet poitns in maximum 100 words: Answers
Question 1:		
A)
Performing a bank reconciliation is a basic accounting technique that focuses on the systematic comparison and alignment of an entity's internal financial records, notably its cash account ledger, with the matching bank statement that is given by the entity's financial institution. This procedure involves finding and rectifying inconsistencies caused by timing variations, mistakes, or unauthorized transactions to ensure that reported cash balances correctly represent the actual available amounts. Periodic bank reconciliation is essential for firms as it fulfils many crucial responsibilities. It is essential to recognize that it enhances both the accuracy and dependability of financial reporting by ensuring that all cash transactions are properly documented and categorized. This is crucial for internal decision-making, budgetary planning, and sustaining stakeholder trust (Alrahman 2020). An additional crucial aspect is its function as a strong internal control system that identifies abnormalities, including fraud, embezzlement, or banking problems, thereby protecting the company's assets. Regular reconciliation enables the swift detection of unauthorized transactions or inconsistencies, allowing fast remedial measures. It is essential to acknowledge that it ensures adherence to legal obligations and accounting standards, which often need precise and verifiable financial records. Bank reconciliation enhances cash flow management by delivering current insights into the company's liquidity status, so facilitating informed strategic choices about investments, financing, and operating expenses. Periodic bank reconciliation is seen as an essential procedure that reflects the financial integrity and operational effectiveness of an organization.
B)
XYZ Company
Bank Reconciliation Statement
November 14th 2024
Bank Statement Balance 	Amount ($)	Amount ($)
Balance per Bank Statement		9,000.00
Add:		
Deposits in Transit	2,500.00	
Total Additions		2,500.00
Less		
Outstanding Checks	3,000.00	
Total Deductions		(3,000.00)
Adjusted Bank Balance		8,500.00
Book Balance 		
Balance per Cash Account		7,500.00
Add		
Collections Made by Bank	1,500.00	
Total Additions		1,500.00
Less		
NSF Check	500.00	
Total Deductions		(500.00)
Adjusted Book Balance		8,500.00
Difference 		0

Question 2: 
The sales for the period is equal to $100,000
Estimated Bad Debt expenses will be calculated as it follows:
Bad Debt Rate = 2.5% 
Sales = $100,000 
Estimated Bad Debt = $100,000 × 2.5% = $2,500
Date	Account	Debit ($)	Credit ($)
2024	Bad Debt Expense	2,500	
2024	 Allowance for Doubtful Accounts		2,500

Question 3
Problem Data: 
•	Purchase Cost: $50,000 
•	Salvage Value: $5,000 
•	Useful Life: 5 years 
•	Total Expected Units: 100,000

Straight Line Method 
Annual Depreciation = (Cost - Salvage Value) ÷ Useful Life 
Annual Depreciation = ($50,000 - $5,000) ÷ 5 
Annual Depreciation = $9,000 per year
Year	Depreciation Expense	Accumulated Depreciation	Book Value
0			$50,000
1	$9,000	$9,000	$41,000
2	$9,000	$18,000	$32,000
3	$9,000	$27,000	$23,000
4	$9,000	$36,000	$14,000
5	$9,000	$45,000	$5,000

Units of Production Method
Depreciation per unit = (Cost - Salvage Value) ÷ Total Expected Units
Depreciation per unit = ($50,000 - $5,000) ÷ 100,000 
Depreciation per unit = $0.45 per unit

Year	United Produced	Depreciation Expense	Accumulated Depreciation	Book Value
0				$50,000
1	23,000	$10,350	$10,350	$39,650
2	25,000	$11,250	$21,600	$28,400
3	0	$0	$21,600	$28,400
4	30,000	$13,500	$35,100	$14,900
5	22,000	$9,900	$45,000	$5,000

Double Declining Balance Method
Annual Rate = (1 ÷ Useful Life) × 2 
Annual Rate= (1 ÷ 5) × 2 
Annual Rate = 40%
Year	Beginning Book Value	Depreciation Rate	Depreciation Expense	Accumulated Depreciation	Ending Book Value
1	$50,000	40%	$20,000	$20,000	$30,000
2	$30,000	40%	$12,000	$32,000	$18,000
3	$18,000	40%	$7,200	$39,200	$10,800
4	$10,800	40%	$4,320	$43,520	$6,480
5	$6,480	40%	$1,480	$45,000	$5,000

Question 4
A)
Interest=Principal*Rate*Time
Where:
Principal = $25,000
Rate = 6% (or 0.06)
Time = 120 days ÷ 360 days
The Interest=$25,000 * 0.06 * (120/360)
The Interest =$25,000 * 0.06* 31
The Interest =$500

B)
Journal Entry on June 1, 2024
Date	Account Titles	Debit	Credit 
June 1, 2024	Accounts Payable	$25,000	
	Notes Payable		$25,000

C)
Journal Entry on September 29, 2024
Date	Account Titles	Debit	Credit 
September 29, 2024	Notes Payable	$25,000	
	Interest Expense	$500	
	Cash		$25,500











References
Abd Alrahman, M. (2020, November 16). Bank reconciliation. https://doi.org/10.13140/RG.2.2.27517.18401