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QUESTION 1 20 points Save Answer The following information and extracts are from the records of Corona Entity from Western Cape. Additional information: The credit on 30 May 2019 represents a bill collected by the bank on behalf of the entity. The unpaid cheque was originally received from a receivable, I Mkhize. The debit order is in respect of a fibre premium payable by the entity and includes VAT. The amount of cheque no. 717 on the bank statement corresponds with the amount on the cheque stub. The credit on 4 May is a faulty entry in the bank statement. Bank reconciliation statement as at 30 April 2019 Debit Credit R R Balance per bank statement 206 000 Outstanding cheques: No. 911 7 800 222 10 100 413 541 000 Deposit not credited yet 115 000The credit on 30 May 2019 represents a bill collected by the bank on behalf of the entity. The unpaid cheque was originally received from a receivable, I Mkhize. The debit order is in respect of a fibre premium payable by the entity and includes VAT. The amount of cheque no. 717 on the bank statement corresponds with the amount on the cheque stub. The credit on 4 May is a faulty entry in the bank statement. Bank reconciliation statement as at 30 April 2019 Debit Credit R R Balance per bank statement 206 000 Outstanding cheques: No. 911 7 800 222 10 100 413 541 000 Deposit not credited yet 115 000 Balance per bank account 649 900 764 900 764 900Cash receipts journal 2019 Bank May 7 Sales and VAT 263 700 15 Sundry receivables 75 600 21 Sales and VAT 300 000 28 Sales and VAT 347 500 30 Sales and sundry receivables 220 000 1 206 800 Cash payments journal 2019 Cheque ne Bank May 1 Advertising and VAT 717 17 090 12 Rent and VAT 718 20 4602019 Cheque no Bank May 1 Advertising and VAT 717 17 000 2 Rent and VAT 718 20 400 2 Telephone and VAT 719 2 100 3 E Heath (Payable) 720 15 000 4 Petty cash 721 16 000 5 Maintenance (vehicle) and VAT 722 9 000 8 Office equipment and VAT 723 6 800 10 Stationery and VAT 724 11 200 14 Purchases and VAT 725 15 700 15 M Steyn (payable) 726 10 000 18 Purchases and VAT 727 24 600 19 Property rates 728 70 000 19 Donation 729 30 300 20 Purchases and VAT 730 43 200 21 Wages 731 17 000 28 Salaries 732 105 600Bank statement received from quarantine bank Led on 2 June 2019 Date Cheque no or deposit or other Debits Receipts Balance Apr 30 206 000- May 1 Deposit 121 115 000 91 000- 2 717 10 700 101 700- 718 20 400 122 100- Deposit 122 12 000 110 100- Debit Order 30 700 140 800- 722 9 000 149 800- Deposit 123 263 700 113 900 12 720 15 000 98 900 12 Cheque book fee 900 98 000 13 723 6 800 91 200 15 725 15 700 75 500 15 Bank Charges 3 700 71 800 15 Deposit 124 75 600 147 400 17 Unpaid Cheque 11 100 136 300\fREQUIRED: (a) Complete the bank account for May 2019. (10) NB:Enter the correct amounts. Receipts Balance Sales and VAT Payments Advertising Receivable and VAT control Fibre and VAT Bank charges and VAT Interest paid Balance (C/7) 1 June 2019 BalanceBalance (c/f) 1 June 2019 Balance (b/f) (b) Prepare the bank reconciliation statement as at 31 May 2019. (10) NB: Enter the correct description and in the next column enter the corresponding amount. Outstanding cheques must be entered in numerical order according to the cheque numbers. Only enter the cheque number in the description column. e.g 717 Bank reconciliation statement on 31 May 2019 Description Amount AmountOnly enter the cheque number in the description column. e.g 777 Bank reconciliation statement on 31 May 2019 Description Amount Amount