SHA1 ACT 201 Chapter 8 Exercise 1. The Cash Account in the ledger of Hairem Company shows the following data: Balance at July 1, 2018- $14,189. Balance at July 31, 2018- $17,466. Hairem Company's bank statement for July 2018 shows the following data: Balance 31/07/18- $18,420. In order to examine the difference between the Cash Account balance and the bank statement balance, a review of data was carried out which revealed the following information: i. There is a cash deposit in transit of $1,225 on 31 July, 2018 that is yet to be recorded by the bank. ii. Bank received a check of $320, from a customer of Hairem Company, but the check bounced because of non-sufficient fund. iii. Outstanding check at July 31 total $970. iv. The bank collected notes (accounts receivables) worth $1,300, 3-month, 12% note on behalf of Hairem Company. The bank charged a $5 collection fee. No interest has been accrued. V. The bank also charged a monthly service charge of $5. vi. On July 31, Hairem Company wrote a check of $3,300, which was correctly recorded by the bank, but the accountant of Hairem Company recorded this payment as $3,500. Required: a. Prepare a bank reconciliation at July 31, 2018. b Journalise the entries required by the reconciliation