Bank Reconciliation and related Journal Entries The bookkeeper for the Business Students' Society (BSS) has asked you to prepare a bank reconciliation as of December 31". The December 31" bank statement and the December T-account for cash (summarized) below. BSS's bank reconciliation at the end of November showed a cash balance of $18,800. No deposits were in transit at the end of November, but a deposit was in transit at the end of December Date Check Number Amount BANK STATEMENT Deposit Other Description Amount Balance $ 8,000 301 302 $ 11,000 6,000 Dec. 1 12/2 12/5 12/7 12/8 12/14 12/17 12/22 12/27 12/31 10,000 $ 18,800 26,800 15,800 9,800 19,800 19,300 19,420 19,140 14,540 303 500 Interest NSF Check $ 120 280 304 4,600 Bank Service Charge 60 14,480 Dec. 31 Balance $ 14,480 Dec. 1 Dec. 1 Dec. 7th Dec. 29th Cash $ 18,800 8,000 Dec. 2nd 301 10,000 Dec. 4th 302 6,000 Dec. 11th 303 Dec. 23rd 304 Dec. 29th 305 $ 19,400 11,000 6,000 500 4,600 1,300 Dec. 31st Required: 1. Prepare a bank reconciliation for December 2. Prepare any journal entries required as a result of the bank reconciliation. Why are these necessary? 3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the general ledger