The general ledger of Michelle Company Ltd. showed a cash balance of $18,665 on 31 December 20X2, while the bank showed a balance of $61,400. The following facts were available: a. The bank collected $12,560 as a direct deposit for one of Michelle's customer as a payment on account. A $20 fee was charged by the bank for administration. Michelle has yet to record either of these amounts. b. Michelle paid a utilities bill of $540 through direct transfer from its bank account but has not yet recorded the payment. c. There was an outstanding deposit of $18,800 at the end of December. d. The bank had charged a cheque of $4,600, written by Mitchell Corp., to Michelle's bank account. The bank has been contacted about the error, and will reverse the cheque in January. e. A deposit of $2,050 from a customer on account was recorded by Michelle for $4,700. The bank noticed the error and deposited the correct amount of money, but the deposit is incorrectly recorded on Michelle's books. f. Michelle's bank account shows a deposit of $42,000 in December, which is an increase in Michelle's bank loan. The amount has not been recorded by Michelle. g. At the end of November, outstanding cheques were $8,685. This month, cheques were issued for $201,000, and cheques of $194,900 cleared the bank account. Required: 1. Prepare a bank reconciliation, in good form, at the end of December 20X2. Bank Reconciliation 31 December 20X2 Bank Books Balances, 31 December Additions: Deductions: Correct cash balance $ 0 2. Prepare any adjusting journal entries required as a result of the reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the cash receipt from accounts receivable and notes payable. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal