amount collected by the bank on behalf of the Foster Co. of $1,500 less a $68 fee. Check No. 5905 was correctly drawn for $988 to pay for advertising, but was misread by the Accountant and entered as $888. Required: 1. Prepare the July bank reconciliation. 2. Prepare the necessary journal entries for Foster Co. to correct the cash balance. Panaso50% AC 111 Example #6 Bank Reconciliation Foster Company last reconciled their bank account on June 30, 2012. The following information is available from the July bank statement: Current Balance: $21,423 Deposits and Credits: July 4: $1,200 July 6: $2,250 July 9: $4,075 July 21: $2,350 July 30 $25 IN July 30: $1,432 CM Checks and Debits: No. 5905 $988 No. 5902 $750 No. 5901 $1,843 No. 5908 $233 No. 5903 $333 No. 5907 $210July 30 $500 NSF The following Information is available from the Foster Co. books: Current Balance: $17,544 Deposits: July 4: $1,200 July 6: $2,250 July 9: $4,075 July 21: $2,350 July 30: $1,555 Checks Drawn: No. 5901 $1,843 No. 5902 $750 No. 5903 $333 No. 5904 $2,020 No. 5905 $888 No. 5906 $857 No. 5907 $210 No. 5908 $233 No. 5909 $1,700 The NSF check is the result of a bad check received from a customer. The credit memo is from an Panaso