The following information was available for Rachel Supply Company for the month ended May 31, 2020.

(a) On May 31, 2020 the Cash account of Rachel Supply Company had a balance of $25,850 (b) On May 31, 2020 the bank statement indicated a balance of $44,580. (c) The bank reported the collection of a note receivable for Rachel of $4,300 plus $500 interest. (d) It was observed that the bank statement did not include a deposit of $2,700 made by Rachel on May 31 and that cheques totalling $15,830 issued by Rachel had not cleared the bank. (e) Rachel recorded an insurance expense payment of $150 as $1,500. (f) Service charges of $50 were charged for cheque printing. Prepare the bank reconciliation.

Prepare the general journal entries necessary to correct the Cash balance. (6 marks) Your answer should be in the form of

DR - account name and amount

CR - account name and amount