Prepare bank reconciliation and related entries

Prepare the necessary journal entries at May $31$

Prepare bank reconciliation and related entries. rk! Wallace COMPANY Bank Reconciliation April 30, 2024 Cash Balance per bank Add: Deposits in transit Less: Outstanding cheques #526 #541 Adjusted cash balance per bank The unadjusted cash balance at Mav31 was 51,075. The Mav bank statement shcned the follcnuing: Wallace COMPANY Bank Statement 31, 2024 Date Apr. 30 Mav 1 Date Amount Cheques and Other Debits Number Amount Date Chequer Amount Deposits or Credits 1771 Running Total 7911, 7361, 7117: 6145, Additional information from the bank statement: I. The deposit of 51,650 on Mav 13 is an electronic transfer from a customer in payment of its account. The amount includes 535 of interest, which Wallace Company had not previously accrued 2 The NSF for 5540 is for a 5525 cheque from a customer, J. Komi, in payment of his account, plus a 515 processing fee. The companVs policy is to pass on all NSF processing fees to the customer. 3. SC represents bank service charges for the month. 4. The bank made an error when processing cheque #564. The company also made two errors in the month. All cheques were written to pav accouhts payable; all cash receipts were ciaccounts receivable The companVs recorded cash payments and cash receipts fr the month were as follows: Instructions a. Prepare a bank reconciliation. b. Prepare the necessary adjusting journal entries at Mav31. Mav 28 31 I Total 1771 1286 Mav 2 557 559 562 565 Total 1800 1650 2045 1033