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Entries Based on Bank Reconciliation Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item Entry Required 1. Bank service charges, $50. Yes 2. Check of a customer returned by bank to company because of insufficient funds, $520, Yes 3. Check for $345 incorrectly recorded by the company as $435. Yes 4. Check for $200 incorrectly charged by bank as $2,000. No 5. Deposit in transit, $4,250. No 6. Outstanding checks, 55,420. No 7. Note collected by bank, $5,300 Yes fe Keep in mind that the company needs to journal any adjusting items in the company section of the bank reconciliation because these have not been VIOUS recorded by the company. Entries Based on Bank Reconciliation Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item Entry Required 1. Bank service charges, $50. Yes 2. Check of a customer returned by bank to company because of insufficient funds, $520, Yes 3. Check for $345 incorrectly recorded by the company as $435. Yes 4. Check for $200 incorrectly charged by bank as $2,000. No 5. Deposit in transit, $4,250. No 6. Outstanding checks, 55,420. No 7. Note collected by bank, $5,300 Yes fe Keep in mind that the company needs to journal any adjusting items in the company section of the bank reconciliation because these have not been VIOUS recorded by the company