Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records Add: Outstanding checks $6,990 $3,360 Error by Chesner Co. in recording Check No. 1056 as $710 instead of $170 540 Note for $11,000 collected by bank, including interest 11,440 15,340 $22,330 Deduct: Deposit in transit on August 31 $7,120 Bank service charges 50 7,170 Cash balance according to bank statement $15,160 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Exhibit 12. Chesner Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records 1000000 Adjusted balance b. If a balance sheet were prepared for Muskegon Co. on May 31, 2016, what amount should be reported for cash