3. The cash accounts for Mountain Bike Co. at 1 July 2010 indicated a balance of RM12.470. During July, the total cash deposited was RM26,680 and checks written totaled RM31,500. The bank statement indicated a balance of RM16 750 on 31 July Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a) Checks outstanding totaled RM12.850. b) A deposit of RM5.100, representing receipts of 31 July, had been made too late to appear on the bank statement. c) The bank had collected for Mountain Bike Co. RM2.675 on a note left for collection. The face of the note was RM2.500. d) A check for RM370 returned with the statement had been incorrectly charged by the bank as RM730. e) A check for RM320 returned with the statement had been recorded by Mountain Bike Co. as RM230. The check was for the payment of an obligation to Rain Co. on account.. f) Bank service charges for July amounted to RM25. g) A check for RM850 from Hallock Co. was returned by the bank because of insufficient funds. Required: i. Prepare a bank reconciliation as of 31 July. ii. Joumalize the necessary entries. The accounts have not been closed