1. Prepare bank reconciliation for Company Y. Bank Balance Book Balance P 560,000 785,650 Deposits in transit 494,000 Outstanding Checks 298,430 Note collected by bank 103,500 Bank Charge 28,750 NSF Check by customer 123,000 Interest earned 26.50 Error by bank. Deposit of X credited to Y 68,200 Error by company. Recorded amount of check understated 50,056.50