Bank ReconciliationThe following data were accumulated for use in reconciling the bank account of Nakajima Co$.$ for July:Cash balance according to the company's records at July $31,$ $$16,600.$Cash balance according to the bank statement at July $31,$ $$17,580.$Checks outstanding, $$3,370.$Deposit in transit, not recorded by bank, $$2,710.$A check for $$590$ issued in payment of an account was erroneously recorded in the check register as $$950.$Bank debit memo for service charges, $$40.$Question Content Areaa. Prepare a bank reconciliation, using the format shown in Exhibit $12.$Nakajima Co$.$Bank ReconciliationJuly $31$Cash balance according to bank statement$fill in the blank $596$c$10022$f$9$bfc$2\_1-$ Select $--$ Select $-$Adjusted balance$fill in the blank $596$c$10022$f$9$bfc$2\_6$Cash balance according to company's records$fill in the blank $596$c$10022$f$9$bfc$2\_7-$ Select $--$ Select $-$Adjusted balance$fill in the blank $596$c$10022$f$9$bfc$2\_12$Question Content Areab. If the balance sheet is prepared for Nakajima Co$.$ on July $31,$ what amount should be reported for cash?$fill in the blank bf$31$aa$015004026\_1$c$.$ Must a bank reconciliation always balance $($reconcile$)?$