Exercise 4-11A Calculate the balance of cash using a bank reconciliation (L04-5) On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,427. The company's cash receipts for the month total $74,520, of which $71,345 has been deposited in the bank. In addition, the company has written checks for $72,497, of which $71,162 has been processed by the bank. The bank statement reveals an ending balance of $12,457 and includes the following items not yet recorded by Damon: bank service fees of $250, note receivable collected by the bank of $6,000, and interest earned on the account balance plus from the note of $820. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $700 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) DAMON COMPANY Bank Reconciliation October 31, 2021 Company's Cash Balance Per general ledger Bank's Cash Balance Per bank statement Bank balance per reconciliation Company balance per reconciliation 2. Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet