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LO4 P4-46A. (Learning Objective 4: Prepare a bank reconciliation) The cash data of Duffy Auto- motive for May 2021 follow: Cash Jrnl. Ref. Debit Credit Date May 1 30 30 Item Balance Account No. 101 Balance 7,150 16,901 6,593 CR6 CP11 9,751 10,308 Cash Recipts (CR) Date Cash Debit May 2 $ 2,728 8 512 10 1,693 16 22 427 29 982 30 2,577 Total $9.751 832 Cash Payments (CP) Check No. Cash Credit 3113 $ 1,522 3114 1,759 3115 1.930 3116 3117 805 3118 87 3119 476 3120 1,049 3121 257 3122 2.360 Total $10,308 Duffy Automotive received the following bank statement on May 31, 2021: $ 7,150 $ 700 EFT 2,728 512 1,693 832 427 1325 BC 8217 Bank Statement for May 2021 Beginning balance Deposits and other additions: May 4 9 12 17 22 23 Checks and other deductions: May 7 13 14 15 18 21 26 30 30 Ending balance $ 1,522 1,390 492 US 1,759 63 316 EFT 87 10 SC 16,444) 8,923 $ Explanation: BC bank collection of note receivable from customer, EFT-electronic funds transfer, US-unauthorised signature, SC-service charge Additional data for the bank reconciliation include the following: a. The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance payment. b. The unauthorized signature check was received from a customer and returned by the bank unpaid. c. The correct amount of check number 3115, a payment on account, is $1,390. (Duffy Automotive's accountant mistakenly recorded the check as $1,930.) Requirements 1. Prepare Duffy Automotive's bank reconciliation at May 31, 2021. 2. Prepare the journal entries required at May 31, 2021. 3. Describe how a bank account and the bank reconciliation help the general manager control Duffy Automotive's cash