Question 3 Jamison Company received a bank statement for the month of July 2020, which showed a balance per bank of RM2,750. The company's Cash account in the general ledger showed a balance of RM2,140 on July 31. Other information that may be relevant in preparing a bank reconciliation for July follows: 1. The bank returned a bounced cheque from a customer for RM255. 2. The company recorded cash receipts of RM405 on 31 July but this amount does not appear on the bank statement. 3. A payroll cheque correctly written and paid by the bank for RM560 was incorrectly recorded in the cash payments journal for RM650. 4. Cheques which were written in June but still had not been presented to the bank for payment on July 31 amounted to RM125. 5. The bank included a credit memorandum for RM600, which represents a collection of a customer's note by the bank for the company; principal amount of the note was RM450 and the remainder was interest. 6. The bank included a RM15 debit memorandum for service charges for the month of July. 7. Cheques written in July which have not been paid by the bank on July 31 amounted to RM470. Required: (a) Prepare a bank reconciliation for Jamison Company for July which reconciles the balance per books and the balance per bank to their adjusted correct balances. (11 marks) (b) Prepare the necessary adjusting entries for Jamison Company on July 31, 2020. (9 marks) Provide TWO (2) reasons of preparing bank reconciliation on monthly basis. (5 marks) (Total 25 marks)