Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, Is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285

Select the banking terms from drop down to match with the correct definition. Definitions   Banking Terms a.   A check that has been paid by the bank on behalf of the depositor.   select a banking term                                                           Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b.   A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another.   select a banking term                                                           EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c.   A document provided by the bank that requires the signature of all authorized signers of checks.   select a banking term…

Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,250 to move their personal belongings, and she and Heather spent two days driving the 1,600 miles to Georgia. Reba rented a home in…

Describe and use the cash receips journal. What steps are followed in posting from the cash receipts journal to the accounts receivable ledger?