in December 31, Powell Company's Cash account had a balance of 31,380. On that date, the bank statement had a balance of $27,420. nalysis of the bank statement and comparison of the statement with the ecords indicated the following: Deposits in transit at the end of December 16.506 Outstanding checks at the end of December | 6,580 Bank service charge 24 Customer's returned check, NSF 980 Bank collection of note on our behalf 5,400 Interest income on note 120 reviewing the records, Powell Company also discovered the following rror: A Sanders Company deposit of $1,450 was incorrectly credited to owell Company's account. equired: repare the journal entries necessary to update the Cash account so that s balance is equal to the adjusted balance per bank reconciliation. Make ure to enter the day for each separate transaction. ote: It will be helpful if you prepare a bank reconciliation before you repare the journal entries. Date Account Title Debit Credit