Question 24 On 31 May 2016 Interactive Ltd had a cash balance as per company records of S10,049 debit. The bank statement from Community Bank on that date showed credit balance of $15.569.20. A comparison of the statement with the cash account revealed the following facts: 1. The statement included a debit entry of $120 for the printing of additional company cheques. 2. Cash sales of $1,672.30 on 12 May were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $1.692.30. The bank credited Interactive Lid for the correct amount 3. Unpresented cheques at 31 May totalled $2,552.50, and outstanding deposits were $1,672.30. 4. On 18 May Interactive Ltd issued Chq no. 1181 for $1,370 to M. Helms on account. The cheque, which cleared the bank in May, was incorrectly journalized and posted by Interactive Ltd for $1.730. 5. A $6,000 note receivable was collected by the bank for Interactive Lid on 31 May plus $160 interest. The bank charged a collection fee of $40. No interest has been accrued on the note. 6. Included with the cheques paid was a cheque issued by Teller Pty Lidto P. Jonet for $1.200 that was incorrectly charged to Interactive Ltd by the bank. 7. On 31 May the bank statement showed a dishonoured cheque of $1,400 that had been issued by W. Hoad, a customer, to Interactive Lid. Required a. Prepare the bank reconciliation as at 31 May 2016 b. Prepare the necessary adjusting entries as at 31 May 2016