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question #7 - 18 marks Lakeside Company's monthly bank statement for September 30, 2018 showed a balance of $7,000. The company's Cash account in the general ledger had a balance of $5,459 at September 30. Other information is as follows: (1) Cash receipts for September 30 recorded on the company's books were $5,200 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $50 for cheque printing charges. (3) Cheque No. 119 payable to Lynch Company was recorded in the cash payments journal for $248 and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Lynch Company and that the payment to Lynch should have been for $284. (4) The total amount of cheques still outstanding at September 30 amounted to $6,000. (5) Cheque No. 138 was correctly written and paid by the bank for $409. The general ledger cash account reflects an entry for Cheque No. 138 as a debit to Accounts Payable and a credit to Cash for $490. (6) The bank returned an NSF cheque from a customer, named Hedda Letuss, for $550. (7) The bank statement included a credit memorandum for $1.260 which represents collection of a customer's note by the bank for the company. The principal amount of the note was $1.200 and interest was $80. Interest has not been accrued. The bank charged a $29ote collection fee. Required: (a) Prepare a bank reconciliation statement for Lakeside Company at September 30, 2018. (b) Prepare any adjusting entries necessary as a result of the bank reconciliation

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