MODULE 10-ACCOUNTING INFORMATION SYSTEM AND INTERNAL CONTROL TUTORIAL SOLUTIONS Question 22 On 31 May 2015 Computec Ltd had a cash balance as per company records of $5,681.50 debit. The bank statement from Community Bank on that date showed a credit balance of $7,784.60. A comparison of the statement with the cash account revealed the following facts: 1. The statement included a debit entry of $60 for the printing of additional company cheques. 2. Cash sales of $836.15 on 12 May were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $846.15. The bank credited Computec Ltd for the correct amount. 3. Unpresented cheques at 31 May totalled $1.276.25, and outstanding deposits were $836.15. 4. On 18 May Computec Ltd issued cheque no. 1181 for $685 to M. Helms on account. The cheque, which cleared the bank in May, was incorrectly journalized and posted by Computec Ltd for $658. 5. A $3,000 note receivable was collected by the bank for Computec Ltd on 31 May plus $80 interest. The bank charged a collection fee of $20. No interest has been accrued on the note. 6. Included with the cheques paid was a cheque issued by Teller Pty Ltd to P. Jonet for $600 that was incorrectly charged to Computec Ltd by the bank. 7. On 31 May the bank statement showed a dishonoured cheque of $700 that had been issued by W. Hoad, a customer, to Computec Ltd. Required a. Prepare the bank reconciliation as at 31 May 2016 b. Prepare the necessary adjusting entries as at 31 May 2016