Question 1 You have been approached by the owner of Energy Boost who wants a bank reconcile statement (8 marks) to be prepared for the month ended 31 May 2022. The following information is produced by comparing the accounting records of Energy Boost with their bank statement received at the end of May a. Debit balance as per cash at bank account in Energy Boost as at 31 May, $106,210 b. Credit balance as per bank statement as at 31 May, 5141,6241 c. Deposits not reflected on bank statement, $17,556 d. Unpresented cheques at 31 May, $52,370 e. Service charge on bank statement, 5210 f. Interest earned on bank account, 5105 Cheque for insurance expense, $7,520 incorrectly recorded in books as S275 h. Adishonoured cheque written by a client lames Smith, 55,460 Electronic transfer from a customer Andy Jones of $5,410 The entity doesn't use special journals for second keeping Required 4) Prepare a bank reconciliation statement for Energy Boost at 31 May 2022 marks) b) Explain to the owner why a bank reconciliation is prepared. (2 marks) ANSWER: