Required Information Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below.) The following Information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $24.911 debit balance, but its July bank statement shows a $27,319 cash balance. b. Check No. 3031 for $1,530, Check No. 3065 for $541, and Check No. 3069 for $2,298 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $9.000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. 1. The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. g. Branch's July 31 dally cash receipts of $10.132 were placed in the bank's night depository on that date but do not appear on the July 31 bank statement. Problem 6-4A Part 1 1. Prepare the bank reconciliation for this company as of July 31. BRANCH COMPANY Bank Reconciliation July 31 27,319 Book balance Bank statement balance S Add: Add: Deposit of July 31 Proceeds from note 0 0 27,319 0 Deduct: Deduct: Service charge 14 Error (Check 3056) NSF check 805 0 819 Adjusted bank balance S 27 319 Adjusted book balance $ -819