Preparing a Bank Reconciliation and Recording Adjusting Entries The following information is available to United Inc. in preparation of its March bank reconciliation. 1. 2. Bank statement for month, dated March 31. a. The company overstated one of its deposits by $140; the bank recorded it correctly. Record the correction using the Cash over and Shor account b. The bank cleared a $1,246 check as $1,309; the error has not yet been corrected by the bank. c. End of February; deposits in transit, $10,850; checks outstanding, $28,000. Required a. Using this information, compute the March 31 (1) deposits in transit and (2) checks outstanding. Deposits in transits Checks outstanding 1 b. Prepare a bank reconciliation for March. - Note: Use negotives signs with your answers in the schedules that foliow to indicate a subtraction. - Note: If an item isn't required for the reconciliation, select "N/A" as the description and leave the answer blank (zero) c. Prepare all journal entries that should be made based ori the bank reconciliation in part b. - Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the Dr. and Cr. answers blank (zero)