Bank ReconciliationAn accounting clerk for Chesner Co$.$ prepared the following bank reconciliation:Chesner Co$.$ Bank Reconciliation August $31$ Cash balance according to company's records $$4,850$Add: Outstanding checks$$2,330$ Error by Chesner Co$.$ in recording Check No$.1056$ as $$940$ instead of $$490450$ Note for $$7,600$ collected by bank, including interest$7,90010,680$ $$15,530$Deduct: Deposit in transit on August $31$$$4,940$ Bank service charges$404,980$Cash balance according to bank statement $$10,550$