Exercise 4-46 (Algorithmic) Bank Reconciliation Valentine Investigations has the following information for cash account: Balance, 1/31 $6,584 Deposits during February 106,780 Checks written during February 102,341 Valentine's bank statement for February contained the following information: Balance, 1/31 $8,050 Add: February deposits 104,950 $113,000 Less: Checks paid in February $101,400 Bank service charge 50 Debit memo (electric bill) 800 102,250 Balance per bank, 2/28 $10,750 A comparison of company records with the bank statement provided the following data: At 1/31 At 2/28 $2,750 $4,580 Deposits in transit Outstanding checks 4,216 5,157 Required: 1. Prepare a bank reconciliation as of February 28. Valentine Investigations Bank Reconciliation February 28 Cash balance from bank statement Adjusted cash balance Cash balance from company records Less: O) Adjusted cash balance 2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation. Feb. 28 (Record bank service charge) Feb. 28 (Record debit memo for payment of utilities) 3. What is the amount of cash that should be reported on the February 28 balance sheet? $