QUESTION ONE (25 Marks) The following information is available to reconcile Steele Co.'s book balance of cash with its bank statement cash balance as of December 31, 2015: a. After posting is complete 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. 1273 for $4,589.30 and Check No. 1282 for $400.00, both written and entered in the accounting records in December, are not among the canceled checks returned. Two checks No 1231 for $2.289.00 and No. 1242 for $410.40, were outstanding on the most recent November 30 reconciliation. Check No. 1231 is returned with the December canceled checks, but Check No. 1242 is not. c. When the December checks are compared with the entries in the accounting records, it is found that Check No. 1267 had been correctly drawn for $3,456 to pay for office supplies but was erroneously entered in the accounting records as $3.465, d. Two debit memoranda are included with the returned checks and are unrecorded at the time of the reconciliation. One of the debit memoranda is for $762.50 and dealt with an NSF check for $745.00 that had been received from a customer, Tidwell Industries, in payment of its account. The bank assessed a $17.50 fee for processing it. The second debit memorandum is a $99.00charge for check printing. Steele did not record these transactions before receiving the statement. c. A credit memorandum indicates that the bank collected a $19.000 not receivable for the company, deducted a $20 collection fee, and credited the balance to the company's cash account. Steele did not record this transaction before receiving the statement. f. The 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. Required 1. Prepare a bank reconciliation for this company as of December 31, 2015. 2. Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of December 31, 2015