Respected experts please solve both parts correctlywith all working answer in text PSB7.5 Prepare bank reconciliation statement and adjusting entries.On 31 May 2023 Pot Plants Ltd had a cash balance as per company records of $10 949 debit. The bank statement fromCommunity Bank on that date showed a credit balance of $15 569.20. A comparison of the statement with the cash accountrevealed the following facts.LO41. The statement included a debit entry of $120 for the bank's annual service fee.2. Cash sales of $1672.30 on 12 May were deposited in the bank. The cash receipts journal entry and the deposit slip wereincorrectly made for $1692.30. The bank credited Pot Plants Ltd for the correct amount.3. Outstanding EFTs at 31 May totalled $2552.50, and outstanding deposits were $1672.30.4. On 18 May Pot Plants Ltd authorised an EFT (ref no. 1181) for $1370 to M. Helms on account. The EFT, which wasprocessed by the bank in May, was incorrectly journalised and posted by Pot Plants Ltd for $1730.5. A $6000 note receivable was collected by the bank for Pot Plants Ltd on 31 May plus $160 interest. The bank charged acollection fee of $40. No interest has been accrued on the note.6. On 31 May, the bank informed Pot Plants Ltd that they had been incorrectly charged $1200 by the bank. This amount willbe added back to Pot Plants Ltd's account on 1 June.7. On 31 May the bank statement showed a reversal entry of $1400 that was originally deposited by W. Hoad, a customer, toPot Plants Ltd.Required(a) Prepare the bank reconciliation as at 31 May 2023.(b) Prepare the necessary adjusting entries as at 31 May 2023.

Bank reconciliation statement is generally prepared at the end of the month to compare the cash…

as per com cords Community Bank on that date showed a 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 bank's annual service fee. 2. Cash sales of $1672.30 on 12 May were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $1692.30. The bank credited Pot Plants Ltd for the correct amount. 3. Outstanding EFTs at 31 May totalled $2552.50, and outstanding deposits were $1672.30.