Santiago Co. Bank Reconciliation May 31 Line Item Description Cash b lance according to bank statement Cash balance according to company's records Adjusted balance The cash account for Santiago Co. on May 31 indicated a balance of $20,915. The May bank statement indicated an ending batance of $25,645. Compar the bank statement, the canceled checks, and the accompanying memos with the records reveated the following reconciling items: - Checks outstanding totaled $5,975. - A deposit of $3,796 had been made too late to appear on the bank statement. - A check for $1,482 returned with the statement had been incorrectly recorded by the company as $482. The check was originally issued to pay on account. - The bank collected $4,515 on a note left for collection of which $515 was interest revenue. - Bank service charges for May amounted to $70. - A check for $894 was returned by the bank because of insufficient funds. a. Prepare a bank reconciliation as of May 31. b. Journalize any necessary entries based on the bank reconciliation. Record the entry to increase cash first. If an amount box does not require an entry, leave it blank. c. If a balance sheet were prepared for Santiago Co, on May 31, what amount should be reported for cash