Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,570. During May, the total cash deposited was $72,650 and checks written totaled $67,460. The bank statement indicated a balance of $24,630 on May 31 . Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $10,970. b. A deposit of $8,940, representing receipts of May 31 , had been made too late to appear on the bank statement. c. The bank had collected for Brentwood Bike Co. $4,720 on a note left for collection. The face of the note was $4,360. d. A check for $270 returned with the statement had been incorrectly charged by the bank as $720. e. A check for $520 returned with the statement had been recorded by Brentwood Bike Co. as $250. The check was for the payment of an obligation to Adkins Co. on account. f. Bank service charges for May amounted to $70. g. A check for $1,090 from Jennings C0. was returned by the bank because of insufficient funds. 1. Prepare a bank reconciliation as of May 31. 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank. 3. If a balance sheet is prepared for Brentwood Bike Co. on May 31 , what amount should be reported as cash