Michael Corporation provides the following data in connection with the preparation of its bank reconciliation at June 30, 2022: balance per bank $4,889; balance per books $4,400; outstanding checks $700; deposits in transit $300; collection of notes receivable $200 and interest $16; collection fee on notes receivable $12; NSF checks $100; and monthly service charge $15. Instruction) 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on May 31. 2. Make necessary journal entries to update its cash balance