Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of 58,659.92. On that date, the bank statement indicated a balance of 510,918.26. A comparison of returned checks and bank advices revealed the following 1. Deposits in transit July 31 amounted to $4,292.34 2. Outstanding checks July 31 totaled 51.76148 3. The bank erroneously charged a 5390.00 check of Solomon Company against the Sullivan bank account 4. A bank service charge has not yet been recorded by Sullivan Company of $30.00 5. Sullivan neglected to record 54,800.00 borrowed from the bank on a ten percent six month note. The bank statement shows the $4,800.00 as a deposit. 6. Included with the returned checks is a memo indicating that. Martin's check for $768.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of 5792.00 less a $24 discount 7. Sullivan Company recorded a $130.30 payment for repairs as $1,300.00 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 thd bank reconciliation Note: Do not round answers enter using two decimal places, when needed Bank reconciliation Journal entries SULLIVAN COMPANY Bank Reconciliation Add: Add: Bankerror. Solomon Company check charged against Sullivan Company's account Subtotal Less Balance from general ledger Add Check recore Subtotal Less Less NSF Check . 5 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. Bank reconciliation Journal entries GENERAL JOURNAL Description Det Credit Date 31 - 5 To record proceeds of note 31 . To correct recording of check 31 . To record service charge . To reclassity Nst check as an account recevable. Finish attemp Save Answers AC-206-302 PERSTEST 131.doc 2 AC-205-7302 peep dagpe....mp3 Peep - Told.mp3 90 F