Question 5 [20 marks] Polly, the owner of Little Horn Company, received the bank statement for the month April 2019. However, she noticed that there were difference between the bank statement and the cash account. (i) (ii) (iii) (iv) The beginning balance of the bank statement was $13,580 whilst the cash account balance was $11,780. The difference was due to 2 unpresented cheques; NO. 1348 $1,200 and No. 1352 $600. Cheque No. 1348 was cashed on 5 April 2019. The ending balance shown in the bank statement was $17,480 and that shown in the cash account was $14,160 2 cheques with a total of $5,000 was recorded in the cash account to have been received and deposited to the bank on 30 April 2019. But this was not found in the bank statement. On 16 April 2019, a payment $1,580 was recorded in the "cash account" to settle accounts payable" under Cheque No. 1349. In the bank statement, it was correctly recorded as $1,560. On 28 April 2019, a cheque No. 1366 of $7,300 was recorded as payment to settle accounts payable. There was no such payment found in the bank statement of April 2019. On 22 April 2019, a cheque from a customer for settling accounts receivable $380 was returned with the reason no sufficient fund. A bank charge $20 was imposed by the bank beside $380. On 25 April 2019, a customer deposited $800 to the bank directly for settlement his accounts receivable. (v) (vi) (vii) You are required to: (a) Prepare the bank reconciliation statement for the month of April 2019. [9 marks] (b) Prepare journal entries where necessary. [6 marks) (c) Cash is an important asset. State the key factors for a proper cash management. (5 marks]