P8-5C Steinbrenner Company's bank statement from First National Bank at August 31, 2017, shows the following information. Balance, August 1 $17,400 Bank credit memoranda: August deposits 72,410 Collection of note Checks cleared in August 71,500 receivable plus $130 Balance, Auguk 31 25,932 interest $7,630 Interest earned 32 Bank debit memorandum: Safety deposit box rent 40 A summary of the Cash account in the ledger for August shows: Balance, August 1. $16,900, receipts $77.000, disbursements $73.570; and balance, August 31, $20,330. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,000 and outstanding checks of $4,500. The deposit in transit was the first deposit recorded by the bank in August. In addition, you determine that there were two errors involving company checks drawn in August (1) A check for $240 to a creditor on account that cleared the bank in August was journalized and posted for $420. (2) A salary check to an employee for $275 was recorded by the bank for $278. Instructions (a) Prepare a bank reconciliation at August 31. (b) Journalize the adjusting entries to be made by Steinbrenner Company at August 31. Assume that interest on the note has not been accrued by the company