Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: $5,940 $2,850 Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to company's records Adjustments: Outstanding checks Error by Chesner Co. in recording Check No. 1056 as $710 instead of $170 Note for $9,300 collected by bank, including interest Deposit in transit on July 31 Bank service charges Total adjustments Cash balance according to bank statement 540 9,670 (6,050) (30) 6,980 $12,920 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let's Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to bank statement $ 12,9211 Add: Deposit in transit on July 31 Deduct: Outstanding checks Adjusted balance Cash balance according to company's records Add: Error in recording Check No. 1056 as $710 instead of $170 S Add: Note for $9,300 collected by bank, including interest Total additions Add: Error in recording Check No. 1056 as $710 instead of $170 X Adjusted balance b. If a balance sheet were prepared for Chesner Co. on July 31, 2014, what amount should be reported for cash? Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: $5,940 $2,850 Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to company's records Adjustments: Outstanding checks Error by Chesner Co. in recording Check No. 1056 as $710 instead of $170 Note for $9,300 collected by bank, including interest Deposit in transit on July 31 Bank service charges Total adjustments Cash balance according to bank statement 540 9,670 (6,050) (30) 6,980 $12,920 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let's Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to bank statement $ 12,9211 Add: Deposit in transit on July 31 Deduct: Outstanding checks Adjusted balance Cash balance according to company's records Add: Error in recording Check No. 1056 as $710 instead of $170 S Add: Note for $9,300 collected by bank, including interest Total additions Add: Error in recording Check No. 1056 as $710 instead of $170 X Adjusted balance b. If a balance sheet were prepared for Chesner Co. on July 31, 2014, what amount should be reported for cash