The cash account for Leisure Systems at Feb 29 2012, indicated a balance of $4,220. The bank statement indicated a balance of $13,550 on Feb 29, 2012. Comparing the bank statements and accompanying cancelled checks and memos with records reveals the following reconciling items: 1. Checks outstanding totaled $13,950. 2. Deposits of $9,350 representing receipts of February 29 had been made too late to appear on the bank statement. 3. The bank had collected 5 8,550 on a note left for collection. The face of the note was 58,000. 4. Bank service charge for February amounted $50. 5. A check drawn for $930 had been incorrectly charged by the bank as $390 6. A check for 5520 had been incorrectly recorded by Leisure Systems as $290.The check had been for payment for supplies from Taft Co on account (actual amount owed was in fact $290]. Instructions: 1. Prepare the bank reconciliation. 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation