Problem 7.14 (Algo) Bank reconclllation and adjusting entrles [Appendlx 7A] El Gato Palnting Company malntalns a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30,2024 , reconcillation of the bank balance is as follows: The company's general ledger checking account showed the following for December: The December bank statement contained the following Information: The checks that were processed by the bank In December Include all of the outstanding checks at the end of November except for check $365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discover that check #411 for $510 was correctly recorded by the bank but was Incorrectly recorded on the books as a $150 disbursement for advertising expense. Included in the bank's deposits is a $2,500 deposit Incorrectly credited to the company's account. The deposit should have been posted to the credit of the Los Gatos Company. The NSF checks have not been redeposited and the company will seek payment from the customers Irvolved. Required: 1. Prepare a bank reconcillation for the El Gato checkIng account at December 31, 2024. 2. Prepare any necessary adjusting Journal entrles Indicated. Prepare a bank reconciliation for the El Gato checking acco \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{ Bank Reconciliation } \\ \hline Balance per bank statement & $3,847 \\ \hline \multicolumn{2}{|l|}{ Add: } \\ \hline Deposits outstanding & \\ \hline \multicolumn{2}{|l|}{ Deduct: } \\ \hline Deposits outstanding & \\ \hline Bank error & \\ \hline \multicolumn{2}{|l|}{ Corrected cash balance } \\ \hline \multicolumn{2}{|l|}{ Balance per books } \\ \hline \multicolumn{2}{|l|}{ Deduct: } \\ \hline & \\ \hline & \\ \hline & \\ \hline Corrected book balance & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Prepare any necessary adjusting journal entries indicated. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field