Scenario: You are hired as a new bookkeeper in Saudi Fresh Food shop. The business has now been open for one month. There are still some planning issues to resolve as well as operational tasks that...

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Scenario: You are hired as a new bookkeeper in Saudi Fresh Food shop. The business has now been open for one month. There are still some planning issues to resolve as well as operational tasks that need to be completed. Task: A. Below is a sample credit card merchant statement. Examine every part of it and answer questions (1-10) that follow. 1. What is the name of this Merchant processing centre? 2. For what month is this statement? 3. What is the total of deposits that should appear on the merchant’s bank statement? 4. How many deposits in total were made into bank account for credit card sales? 5. Which journal and which ledger will this amount appear in? Explain your answer. 6. How will this deposit be treated in the journal and in the ledger? 7. How much has been charged by this service in total? 8. Which journal/ledger should this service appear? 9. Which credit card was used the most/least? 10. On what day were most credit card sales made? 11. Credit card receipts has a total of 3548.48 S.R. Your manager asked you to do credit card reconciliation and explain the reason for difference. B. You have received the first bank statement for the business. You are required to check the bank statement and compare it with the bank account. Both documents are in the Appendix. Prepare a bank reconciliation statement to reconcile the updated bank balance with the bank statement. You should use the Bank Reconciliation Statement in the Appendix. Appendix: Bank Statement Saudi Fresh Food Shop PO Box 223344 Jeddah ACCOUNT NUMBER 165 278 905 Date Details Dr Cr Balance SAR SAR SAR 1 Balance 4 400.00 DR 1 Sales 5000.00 600 1 C Iqbal 400.00 200 1 E Rahool 500.00 -300 2 Sales 7000.00 6700 3 Sales 1500.00 8200 3 M J Automotive 7000.00 1000 4 Sales 10000.00 11000 5 Sales 5000.00 16000 6 Sales 5500.00 21500 7 Sales 2500.00 24000 Bank Account in Business’s books Date Details DR CR Balance September SAR SAR SAR 1 Balance 4 400.00 CR 1 Sales 5000.00 9400.00 1 C Iqbal 400.00 9000.00 1 E Rahool 500.00 8500.00 2 Sales 7000.00 15500.00 3 Sales 1500.00 17000.00 3 M J Automotive 7000.00 10000.00 4 Sales 10000.00 20000.00 5 Sales 5000.00 25000.00 6 Sales 5500.00 30500.00 7 Sales 2500.00 33000.00 7 PP Printing 2000 31000.00 7 Aramco 500 30500.00