b$)$ Indicate whether the following statements are TRUE or FALSE. Write only 'true' or 'false.

I. Cash withdrawal fee and interest on overdraft on a Bank Statement are recorded as bank charges in the Cash Payments Journal. $(1)$

II$.$ It is not necessary to prepare a Bank Reconciliation Statement because the bank statement will always provide the correct bank balance. $(1)$

III. The document received by a customer who has purchased goods on credit is called a receipt. $(1)$

IV$.$ A credit balance on the Bank Statement represents a favourable balance for the business. $(1)$

V$.$ When a business returns goods to a creditor, the goods are accompanied by a credit note. $(1)$