EX 7-16 Bank reconciliation Identify each of the following reconciling items as: (a) an addition to the cash balance according Obj. 5 to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company's records, or (d) a deduction fron- the cash balance according to the company's records. (None of the transactions reported by ban debit and credit memos have been recorded by the company.) 1. Bank service charges, $50. oboru 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000. 5. Deposit in transit, $4,250. 6. Outstanding checks, $5,420. 7. Note collected by bank, $5,300