Problem 7-5A (Part Level Submission) Wildhorse Co. of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2017, the company's Cash account per its general ledger showed a balance of $6,838.90 The bank statement from Emporia State Bank on that date showed the following balance. EMPORIA STATE BANK Checks and Debits Deposits and Credits Dal Balance XxX 5-31 7,068.00 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $60.00 for the printing of additional company checks. 2. Cash sales of $903.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $953.15. The bank credited Wildhorse Co. for the correct amount. 3. Outstanding checks at May 31 totaled $276.25, and deposits in transit were $1,900.15. 4. On May 18, the company issued check No. 1181 for $685.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Wildhorse Co. for $658.00 5. A $2,810.00 note receivable was collected by the bank for Wildhorse Co. on May 31 through electronic funds transfer. 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $340.00 that was incorrectly charged to Wildhorse Co. by the bank. 7. On May 31, the bank statement showed an NSF charge of $480.00 for a check issued by Sara Ballard, a customer, to Wildhorse Co. on account. Your answer is correct. Prepare the bank reconciliation at May 31, 2017. (List items that increase balance as per bank & books first.) WILDHORSE CO Bank Reconciliation May 31, 2017 Cash balance per bank statement #1 7068 Add Deposits in transit 1900.15 Bank error 340 2240.15 9308.15 | Less- Outstanding checks 276.25 9031.90 Adjusted cash balance per bank Cash balance per books 6838.90 Add Electronic funds transfer received 2810 9648.90 Less 60 Check printing charge Error in recording check Error in deposit 27 50 NSF check 480 617 9031.90 | Adjusted cash balance per books Click if you would like to Show Work for this question: Open Show Work (b) Prepare the necessary adjusting entries for Wildhorse Co. at May 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 31 (To record collection of note receivable by bank) 31 To record NSF check) 31 (To correct error in deposit) 31 (To correct error in recording check) 31 (To correct error in recording check) 31 (To record charge for printing company checks) Click if you would like to Show Work for this question: Open Show Work