Prepare bank reconciliation statement and adjusting entries. L04 On 31 May 2023 Sunflower Ltd had a cash balance as per company records of $5681.50 debit. The bank statement from Community Bank on that date showed 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 the annual bank service fee. 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 Sunflower Ltd for the correct amount. 3. Outstanding EFTs at 31 May totalled $1276.25, and outstanding deposits were $836.15. 4. On 18 May Sunflower Ltd authorised an EFT (Ref no. 1181) for $685 to M. Helms on account. The EFT, which was processed by the bank in May, was incorrectly journalised and posted by Sunflower Ltd for $658. 5. A $3000 note receivable was collected by the bank for Sunflower Ltd on 31 May plus $80 interest. The bank charged a collection fee of $20. No interest has been accrued on the note. 6. On 31 May, the bank informed Sunflower Ltd. that they had been incorrectly charged $600 by the bank. This amount will be added back to Sunflower Ltd's account on 1 June. 7. On 31 May the bank statement showed a reversal entry of $700 that had been originally deposited by W. Hoad, a customer, to Sunflower Ltd. 404 Financial accounting: Reporting, analysis and decision making John Wiley & Sons Australia, Ltd. Not for resale or distribution. Any unauthorised distribution or use will result in legal action. Required (a) Prepare the bank reconciliation as at 31 May 2023. (b) Prepare the necessary adjusting entries as at 31 May 2023.