Nicole has asked you to prepare a bank reconciliation for ngs. according to her records, ngs’s cash balance is $7,700 at december 31, but the bank reports a balance of $7,200.

a. the bank deducted $440 for an nsf check from a customer deposited on december 22.

b. ngs has written checks totaling $5,200 that have not yet cleared the bank.

c. the bank added $35 cash to the account for interest earned in december.

d. ngs made a $4,990 deposit on december 31, which will be recorded by the bank in january.

e. the bank deducted $35 for service charges.

f. ngs wrote a check to a supplier on account for $300 but mistakenly recorded it as $30.

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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