Bank Reconciliation As of May 31, the sole proprietorship Wallace Company had a balance of $18,367.50 in

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Question:

Bank Reconciliation As of May 31, the sole proprietorship Wallace Company had a balance of $18,367.50 in its Cash at the Bank account.
At that time, the bank statement showed a balance of $23,800.50.
Comparison of returned checks and bank recommendations revealed the following:

Deposits on the road totaled $8,127.15 on May 31

Unpaid checks totaled $9,264.75 on May 31

The bank added the $83.40 in interest income that Wallace earned in May.

The bank collected a $7,200 receivable for Wallace and charged a $60 collection fee. Both items appear on the bank statement.

In addition to the collection fee, as yet unrecorded bank service fees were $60.00.

Checks returned include a note indicating that L. Ryder's check for $2,058.00 has been returned to NSF.
One customer, Ryder, had sent the check to pay a $2,100.00 account at a 2% discount.

The Wallace Company mistakenly recorded an account payable payment for $2,070, while the check was $2,880.00.

Required
A. Prepare a bank reconciliation for Wallace Company on May 31.
B. Prepare the necessary journal entry (or entries) to align the cash balance reconciled in the Bank reconciliation with the Cash account at the Bank.