MBSHM Practice Session 3 Last Saved 27/0W3019 9.20 AM Help EndNote X9 ACROBAT Td me what you want to do A . Nama No Space Heading Hig Tele Sube Subtle Em Emphasis niet Parang Styles MBS544 Practice Session 3 Question 1 On 31 May 2018 Computec Ltd had a cash balance as per company records of $5681.50 debit. The bank statement from Community Bank on that day show a credit balance of $7784.60 A comparison of the statement with the cash account revealed the following facts. 1. The statement included a debit entry of $60 for printing additional company cheques. 2. Cash sales of $836.15 on 12 May were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $846.15. The bank credited Computec Ltd for the correct amount. 3. Unpresented cheques at 31 May totalled $1276.25, and outstanding deposits were $836.15 4. On 18 May Computec Ltd issued cheque no. 1181 for $685 to M. helms on account. The cheque, which cleared the bank in May, was incorrectly journalised and posted by Computec Ltd for SGS8. 5. A $3000 note receivable was collected by the bank for Computer Ltd on 31 May plus $80 interest. The bank charged a collection fee of $20. No interest has been accrued on the note 6. Included with the cheques paid was a cheque issued by Teller Pty Ltd to Plonet for $600 that was incorrectly charged to Computed by the bank. 1. On 31 May the bank statement showed a dishonoured cheque of $700 that had been Issued by W. Hosd, a customer, to Computer Lid. Required a) Prepare a bank reconciliation as at 31 May 2018 b) Prepare the necessary adjusting entries as at 31 May 2018