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The following data has been gathered for Ludlow Inc

Accounting

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The following data has been gathered for Ludlow Inc. for the month ended November 30, 2018:

?     The bank statement reveals a balance of $3,500

?     The November 30, 2018, book balance was $1,300

?     There was an EFT deposit of $1,000 on the bank statement for a rental property.

?     The bookkeeper had erroneously recorded cheque #101 as $435 cheque instead of $453. The cheque was to settle accounts payable.

?     The bank statement revealed $120 in service charges.

?     Cheques #103, #105, #115 and #133 for $50, $885, $681 and $32 were not returned with the bank statement.

?     A deposit made on November 17, 2018, for $350 did not appear on the bank statement.

?     A deposit of $1,500 made on November 10 was erroneously credited to Taylor Enterprises account by the bank for $1,050.

?     A bank debit memo indicated an NSF cheque from a customer for $100.

?     There was an EFT receipt of $590 for interest income earned on investment.

Required

1. Prepare a bank reconciliation for Taylor Enterprises for November 30^th
2. Record the journal entries that Taylor Enterprises should record on November 30^th to update their Cash Account. Include any explanation for each entry.