Practice Problem 1 (Part Level Submission) Rodriguez Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below. Cash in Bank Per Books Per Bank $15,970 $17,770 81,570 Balance, July 1 July receipts July credits July disbursements July debits 83,649 77,320 74,926 $24,693 Balance, July 31 $22,020 Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $4,649 for the collection of a $4,570 note plus interest revenue of $79. The July debits per bank consist of checks cleared $74,861 and a debit memorandum of $65 for printing additional company checks. You also discover the following errors involving July checks. (1) A check for $470 to a creditor on account that cleared the bank in July was journalized and posted as $740. (2) A salary check to an employee for $455 was recorded by the bank for $355. The June 30 bank reconciliation contained only two reconciling items: deposits in transit $8,170 and outstanding checks of $6,370. (a) Prepare a bank reconciliation at July 31, 2017. (List items that increase cash balance first. Reconcile cash balance per bank first.) RODRIGUEZ COMPANY Bank Reconciliation July 31, 2017 Cash balance per bank statement $ Add Deposit in transit : Less Outstanding checks $ Bank error Adjusted cash balance per bank $ Cash balance per books $ Add Collection of note receivable by bank $ Bank error Less Check printing charge : Adjusted cash balance per books $