Reconcile the bank statement for Axel Corporation as of July 31, 2020 The information below relates to the bank account of Axel Corporation: Per the bank statement Balance July 1: $14,650 Balance July 31: $22,975 Axel's cash balance at month end revealed a balance of: $18,256 (balance per book) A customer had paid his invoice due our company by writing a check for $350 last week. Today, the bank notified us that the check was returned for Non Sufficient Funds (NSF) The bank charged a NSF fee of $4.00 A customer paid their invoice directly to our bank in an EFT for $1.200. The bank charged us a $2.00 collection fee. Our company ran a batch of accounts payable checks totaling $13,425 on July 31 to be mailed the next business day Deposits in transit at July 31 amount to $9,550 Instructions: A. Prepare a bank reconciliation at July 31 B. Journalize the entries required by the reconciliation