Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $10.103.24 On that date, the bank statement indicated a balance of $12,737.97 A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $5,007.73 2. Outstanding checks July 31 totaled $2,045.06. 3. The bank erroneously charged a $455.00 check of Solomon Company against the Sullivan bank account 4. A bank service charge has not yet been recorded by Sullivan Company of $25.00 5. Sullivan neglected to record 55,600.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the 55,600.00 as a deposit. 6. Included with the returned checks is a memo indicating that. Martin's check for $896.00 had been returned NSF Martin, a customer, had sent the check to pay an account of $924.00 less a $28 discount 7. Sullivan Company recorded a $152.60 payment for repairs as 51,526.00 Required a. Prepare a bank reconciliation for Sullivan Company at July 31. b. Prepare the journal entry for entries) necessary to bring the Cash in Bank account into agreement with the reconciled cash balance on the bank reconciliation Note: Do not round answers.enter using two decimal places, when needed SULLIVAN COMPANY Bank Reconciliation July 31 lace from general ledger Adid Add: Bankerror-Solomon Company check charged against Sullivan Company's account Subtotal recor Subtotal Less Nst Check GENERAL JOURNAL Description Debit Credit Date July 31 To record proceeds of note. 31 To correct recording of check. 31 To record service charge 31 Cash in Bank To reclassify NSF check as an account receivable