Solved by verified expert :Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries. The accounts have not been closed.The cash account for Interactive Systems at February 28, 2010, indicated a balance of$7,635. The bank statement indicated a balance of $13,333 on February 28, 2010.Comparing the bank statement and the accompanying canceled checks and memoswith the records reveals the following reconciling items:a. Checks outstanding totaled $4,118.b. A deposit of $4,500, representing receipts of February 28, had been made too late toappear on the bank statement.c. The bank had collected $5,200 on a note left for collection. The face of the note was$5,000.d. A check for $290 returned with the statement had been incorrectly recorded byInteractive Systems as $920. The check was for the payment of an obligation to BusserCo. for the purchase of office supplies on account.e. A check drawn for $415 had been incorrectly charged by the bank as $145.f. Bank service charges for February amounted to $20.

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