On May 31 2010 Sharp Company had a cash balance in its general ledger of $6675.

On May 31 2010 Sharp Company had a cash balance in its general ledger of $6675. The companys bank statement from National Bank showed a May 31 balance of $8240. The following facts have come to your attentiona:Sharps May 31 deposit of $1000 was not included on the bank statement because it was dropped in the night depository after bank hours on May 31b The banks general service charge for the month was $100c the bank collected a note receivable of $1500 for Sharp Company along with an additional $58 for interest. The bank deducted a $30 fee for this service. Sharp Company had not accured any interest on the note.d. Sharps bookkeeper erroneously recoreded a payment to Williams Company for $192 as $129. The check cleared the bank for the correct amount of 192e. Sharps outstanding checks at May 31 totaled $1200Requirements1. Prepare a bank reconciliation as of May 312. Prepare the necessary adjustments to the accounting equation to update the records of sharp company