2/8 1 pints awarded Peterson Company's general ledger shows a cash balance of $7,460 on May 31. May cash receipts of $1,350, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check for $140 and a service fee of $60. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,850. The bank statement shows a balance of $7,760 on May 31. Prepare a bank reconciliation to calculate the correct ending balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Scored PETERSON COMPANY Bank Reconciliation May 31 Bank's Cash Balance Company's Cash Balance Before reconciliation $ 7,960 Before reconciliation S 7,960 NSF check (140) NSF check (140) Service fees (60) X Service fees (60) After reconciliation $ 7,760 After reconciliation $ 7,760 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted