Week 6 Graded Discussion Question (NO INDIVIDUAL SUBMISSIONS) The following information is needed to reconcile the cash balance for MCT Ltd. A deposit of $5,794.62 is in transit. Outstanding cheques total $1,533.25. The book balance is $13,861.62. The bookkeeper recorded a $2,500.00 cheque as $25,000 in payment of the current month's rent. The bank balance at February 28, 2008 was $16,500.25. A deposit of $100 was credited by the bank for $1,000. A customer's cheque for $12,500 was returned for nonsufficient funds. The bank service charge is $1,500. A bank credit memo indicated a note collected by the bank of $11,000 on February 28. The bank debited a cheque drawn by MCT Ltd as $15,000 instead of $1,500 Required: 1. Prepare the journal entries that would be necessary for MCT Ltd at February 28, 2018. 2. Prepare the adjusted cash book of the company at February 28, 2019. 3. Prepare a bank reconciliation statement for MCT Ltd as at February 28, 2018. GOOD LUCK