Question 2 - Bank Reconciliation (Total 15 marks) The following information is available for the Selena Company for the month of May 2022: a. On May 31, after all transactions have been recorded, the balance in the company's Cash account has a balance of $33,302. b. The company's bank statement shows a balance on May 31 of $35,581. c. Outstanding cheques at May 31 include cheque # 3128 in the amount of $1,365 and cheque # 3024 in the amount of $1,619. d. A credit memo included with the bank statement indicates that the bank collected $1,380 on a note receivable for Selena Co. The bank deducted a $20 collection fee and credited the remainder to Selena's account. e. A debit memo included with the bank statement shows a $189 NSF cheque from a customer, Emily Swindon. f. A deposit placed in the bank's night depository on May 31 totalled $1,886 and did not appear on the bank statement. g. Examination of the cheques on the bank statement reveals that cheque # 3381 for the payment of an account payable was correctly written for $2,427, but was recorded in the accounting records as $2,472. h. Included with the bank statement was a debit memo in the amount of $35 for bank service charges. It has not been recorded on the company's books. Required: 1. Explain the purpose of a bank reconciliation. (2 marks) 2. Prepare Forum's bank reconciliation for May. (8.5 marks) 3. Prepare the general journal entries Selena must make at May 31. (4.5 marks)