1. XYZ Corp. prepares a bank reconciliation at the end of every month. At the end of October, the balance in the general ledger for the checking account was $45,850 and the bank balance on the bank statement was $53,730. Outstanding checks totaled $16,520 and deposits in transit were $6,475. The bank statement listed service charges of $240. A check for rent expense was recorded for $2,450 but correctly cleared the bank for $2,540. A check for insurance expense was recorded for $3,950 but correctly cleared the bank for 3,590. Interest earned by XYZ and recorded by the bank but not by XYZ was $110. A note payment was paid by the bank but not recorded by the company in the General Ledger for $2,900. The interest portion of the note collection was $400. Cash sales made to customers were deposited in the bank but not recorded in the general ledger of $595. Required: Prepare the bank reconciliation. Record the journal entries XYZ needs to make to properly adjust its general ledger checking account balance