Exercise 8. Given the following, prepare a bank reconciliation for October 31: The bank statement shows an ending balance for October of $700 Our general ledger balance shows an ending balance for October of $608 The bank statement shows an electronic funds transfer (EFT) of $30 into the account. The bank deducted $5 (its monthly service charge). On 10/31 we recorded a deposit for $40 that doesn't show on the bank statement. The bank collected a $50 note on our behalf. We deducted S70 of checks that weren't on the bank statement (outstanding checks). We correctly recorded check #752 for $40, but the bank mistakenly deducted $42 The bank added $10 to our account for interest earned this month. We mistakenly deducted $19 for check #765; it correctly cleared the bank for $20. The bank statement deducted $20 (the amount of our customer's check which bounced). Bank Balance Book Balance Add: Add: X X X XX X X XX X X Deduct: Deduct: XX XX XX x x Adjusted Bank Balance X Adjusted Book Balance