Internal Control and Bank Reconciliation Assignment Folow these steps to complete the assignment Step 1: Review Chapter 8 of the textbook Step 2: Read the problem presented below Step 3: Download the template in Canvas Week 6 to complete the problem isted below Step 4: Complete the yelow cells on the first two worksheets and create a new worksheet with your analysis Problem: The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2019 A On July 31, the company's Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. B. Check No. 3031 for $1,482 and Check No. 3040 for $558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not Also, Check No. 3065 for $382 and Check No. 3069 for $2,281, both written in July, are not among the canceled checks on the July 31 statement. C. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,250 D. The July bank statement shows the bank collected $8,000 cash on a noninterest-bearing note for Branch, deducted a $45 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving the statement. E The bank statement shows an 9805 charge for a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF F. The July statement shows a $25 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received G. Branch's July 31 daily cash receipts of $11,514 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement Assignment: 1. Prepare the bank reconciliation for this company as of July 31, 2019 2. Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of July 31 2019