Problem C Phi Company has a cash balance in its checking account of $10,000 as of the end of June. However, the bank statement reported an ending balance of $7,950. It is now July 1 and all the information for June needs to be updated. Prepare a bank reconciliation for the month of June to reconcile the two balances. The additional information is available to aid in the preparation of the reconciliation: 1 The bank reconciliation for the month of May indicated that there was one check outstanding, No. 2451, for $115 that has yet to clear the bank as of the end of June. A deposit in transit of $1,500 made on May 31 has been recorded by the bank as of June 2 2 The bank statement for June indicated that there was $80 of interest earned on the checking account balance. A credit memo was on the bank statement for the amount. 3 A debit memo for a NSF check of $625 was listed on the bank statement. The bank charged a fee of $25. The bank charges a $30 per month service charge for all business bank accounts and drafts the amount automatically. A debit memo on the bank statement reflected the draft. 5 Phi Company wrote several checks during the month of June. Three of which were not shown as canceled on the bank statement: No. 2612 for $65, No. 2615 for $210, and No. 2616 for $450. At the end of the workday on June 30, a nightly deposit or $2,500 was made at the bank. 7 While reviewing the bank statement, check No. 2602 was written for $480 as due on an Accounts Payable. However, the accounting records has the payment recorded as $840. Janice Brown, the owner of Phi Company, made an ATM withdrawal of $150 for entertaining a client. The withdrawal was not recorded, but the bank statement showed the reduction in the checking account balance.