Problem 8-2 Prepare bank reconciliation with necessary journal entry or entries (L.O.4) The following information pertains to Hughes Company as of May 31, 2018: 1. Balance per bank statement as of May 31, 2018, was $59,410. 2. Balance per Hughes Company's Cash account at May 31, 2018, was $60,904. 3. A late deposit of $4,275 on May 31 did not appear on the bank statement. 4. Outstanding checks as of May 31 totaled $7,614. 5. During May, the bank credited Hughes Company with the proceeds, $6,795, of a note that it had collected for the company. Interest revenue was $45 of the total. 6. Bank service and collection charges for May amounted to $18. 7. Comparison of the canceled checks with the check register revealed that one check in the amount of $1,458 had been recorded in the books as $1,539. The check had been issued in payment of an account payable. 8. A review of the deposit slips with the bank statement showed that a deposit for $2,250 of a company with a similar account number had been credited to the Hughes Company account in error. 9. A $270 check received from a customer, R. Petty, was returned with the bank statement marked NSF. 10. During May, the bank paid a $13,500 note of Hughes Company plus interest of $135 and charged it to the company's account per instructions received. Hughes Company had not recorded the payment of this note. 11. An examination of the cash receipts and the deposit tickets revealed that the bookkeeper erroneously recorded a check from a customer, C. Parker, of $1,458 as $1,944. 12. The bank statement showed a credit to the company's account for interest eamed on the account balance in May of $450. a. Prepare a bank reconciliation as of May 31, 2018. b. Prepare the journal entry or entries necessary to adjust the accounts as of May 31, 2018 Call Required