A bank statement received by Taylor Pty Ltd for the month of March 31 2020 showed a credit balance of $8,500. The company's cash account in the general ledger had a debit balance of $5,800. The following were discovered as the reasons for the discrepancy between the two balances:

1. Cheques issued but not yet presented totaled $2,600.

2. On 31 March receipts deposited amounting to $1,280 are still outstanding with the bank.

3. A $350 cheque was returned marked dishonoured. The cheque had been received from B. Benson, a long-standing customer.

4. The bank statement included $80 for printing cheques.

5. Taylor Pty Ltd issued cheque no. 112 for $850 for Mr Jay on account. The cheque was correctly written and paid by the bank. However, the cheque was incorrectly journalised and posted as $580 by Taylor Pty Ltd.

6. Note receivable of $2,000 was collected by the bank for Taylor Pty Ltd on 31 March plus $120 interest, and the bank charged collection fee of $40. No interest has been accrued on the note.

Required

a. Prepare a bank reconciliation at 31 March 2020 based on the provided information. (4 marks)

b. Prepare journal to record the necessary adjusting entries at 31 March 2020 (5 marks). Narrations are not required.