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P7-5B. Bank Reconciliation The bank reconciliation made by Adam Company, a sole proprietorship, on March 31 showed a deposit in transit of $1,300 and two outstanding checks, No. 797 for $550 and No. 804 for $690. The reconciled cash balance on March 31 was $12,020. The following bank statement is available for April 30: Bank Statement TO April 30 Adam Company Fairbanks, AK FAIRBANKS NATIONAL BANK Date Deposits No. Date Charges Date Balance $11,960 Apr. Apr. 1 3 7 13 18 23 27 30 30 $1,300 804 1,680 807 1,250 808 1,020 809 840 810 990 811 1,340 813 1,160 814 95IN NSF SC EC: Error Correction SC: Service Charge IN: Interest Earned Mar. 2. $ 690 Apr. 3 730 7 1,240 7 838 16 1,040 13 541 27 640 23 600 18 500 30 40 DM: Debit Memo OD: Overdraft NSF: Non-sufficient Funds 31. 1. 2. 3 7 13 16 18 23. 27 30. 13,260 12,570 13,520 12,692 13,171 12,131 12,471 12.861 13,561 14,776 Item Codes: CM: Credit Memo RT: Returned Item A list of deposits made and checks written during April is shown below: Cambridge Business Publishers Chapter 7 Internal Control and Cash Deposits Made Checks Written Apr. 2 6 10 17 22 24 29 30 $1,680 1.250 1,020 840 990 1,340 1,160 1,425 No. 807 808 809 810 811 812 813 814 815 816 $ 730 1,240 838 1,040 451 948 640 600 372 $9,705 875 $7.734 The Cash in Bank account balance on April 30 was $13,991. In reviewing checks returned by the bank, the accountant discovered that check No. 811, written for $541 for delivery expense, was recorded in the cash disbursements journal as $451. The NSF check for $500 was that of customer R. Koppa, deposited in April. Interest for April added to the account by the bank was $95. Required Prepare a bank reconciliation for Adam Company at April 30. b. Prepare the necessary journal entries to bring the Cash in Bank account into agreement with the reconciled cash balance on the bank reconciliation. a