6 11.08/12 points awarded Scored On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,400. The company's cash receipts for the month total $74,340, of which $71,300 has been deposited in the bank. In addition, the company has written checks for $72,470, of which $71,000 has been processed by the bank. The bank statement reveals an ending balance of $11,800 and includes the following items not yet recorded by Damon: bank service fees of $160, note receivable collected by the bank of $5,100, and interest earned on the account balance plus from the note of $370. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $340 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) Print DAMON COMPANY Bank Reconciliation October 31, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement Deposits outstanding $ 11,800 3,040 Per general ledger $ 8,400 Note received 5,100 Bank error Checks outstanding 340 (1,470) Interest earned 370 Service fees (160) Bank balance per reconciliation $ 13,710 Company balance per reconciliation $ 13,710 2. Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date 1 October 31, 2021 Cash Interest Revenue Notes Receivable 2 October 31, 2021 Service Fee Expense Cash General Journal Debit Credit 5,470 5,100 370 160 160