Part 2 (12 Marks): There are TWO questions in this part and each question may have sub- questions. Please answer ALL questions Question 1(6.75 Marks) The following information pertains to Grey Company. 1. Cash balance per bank, on March 31, 2019, $152,000. 2. Cash balance per company ledger, on March 31, 2019, $158,530. 3. Deposits in transit, on March 31, $20,000. 4. Outstanding checks, on March 31, $10,000. 5. The bank statement included a debit memo of $40 for printing of additional company checks. 6. On March 18, the company issued a check no. 118 for $1,370 to Ali. The check which was cleared by the bank in March, was incorrectly journalized and posted for $1,316. 7. A $4,000 note receivable was collected by the bank for the company on March 31, plus interest of $214. The bank charged a collection fee of $50. 8. On March 31, the bank statement showed $600 NSF for a check issued by a customer to the company on account. Required: a) Prepare a bank reconciliation on March 31 (2.75 marks). b) Prepare the necessary adjusting entries on March 31 on the books of Grey Company (4.25 Marks)