Please complete and prepare the following exercise:

Required 1. Prepare the bank reconciliation for this company as of December 31 . Check - 11) Reconcled belance, $51,005.80 : 2. Prepare the journal entries necessary to make the company's book balance of cash equal to the reconciled cash balance as of December 31. Problem 8-4B Preparing a bank reconciliation and recording entries [ P3 The following information is available to reconcile Severino Co.'s book balance of cash with its bank statement cash balance as of December 31 . a. The December 31 cash balance according to the accounting records is $32,878.30, and the bank statement cash balance for that date is $46,822.40 b. Check No. 1242 for $410.40. Check No. 1273 for $4,589.30, and Check No. 1282 for $400 are outstanding ehecks as of December 31 . c. Check No. 1267 had been correctly drawn for $3,456 to pay for office supplies but was crroneously entered in the accounting records as $3,465. d. The bank statement shows a $762.50 NSF check received from a customer, Titus Industries, in payment of its account. The statement also shows a $99 bank fee in miscellaneous expenses for check printing. Severino had not yet recorded these transactions. e. The bank statement shows that the bank collected $18,980 cash on a note receivable for the company. Severino did not record this transaction before receiving the statement. 1. Severino's December 31 daily cash receipts of $9.583.10 were placed in the bank's night depository on that date but do not appear on the December 31 bank statement