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1. On May 31, 2017 the Cash account of Gowganda Supply Company (GSC) had a balance of $43,828. On that date, the bank statement indicated

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1. On May 31, 2017 the Cash account of Gowganda Supply Company (GSC) had a balance of $43,828. On that date, the bank statement indicated a balance of $54,600. 2. After reviewing the April 30, 2017 bank reconciliation, cheque #568 for $3,450 written to Jose's Catering had still not cleared the bank in May. 3. In checking the disbursements journal, cheques #575 for $4,725 and #588 for $5,225 did not appear on the May bank statement. 4. The bank reported an EFT credit memoranda for the collection of a receivable from Frank Edgar of $6,300. A second credit memoranda was identified for $300 representing interest earned on the bank account. 5. A $1,700 cheque of a customer, Florence Olivier was returned by the bank because of non-sufficient funds. The bank charged GSC a $60 NSF fee. 6. The bank has not credited the company's account for a $4,200 deposit made on May 30th and a $4,700 made on May 31st. 7. The Accounts Payable clerk recorded an insurance expense payment of $160 as $1,600. Cheque #572 was correctly written for $160. 8. There was an $8 service charge on the bank statement. Instructions a Prepare a bank reconciliation for GSC as of May 31, 2017 b) Prepare the necessary journal entries to adjust GSC's records based on the bank reconciliation

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