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Shimmer Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31,2020 , after all posting was completed,

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Shimmer Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31,2020 , after all posting was completed, its Cash account showed a $10,893 debit balance. However, Shimmer's July 31 bank statement showed only $9.957 on deposit in the bank on that day along with the following information. a. Outstanding cheques. $2.723. b. Included with the July cancelled cheques returned by the bank was a $42 debit memo for bank services c. Cheque #919, returned with the cancelled cheques, was correctly drawn for $895 in payment of the utility bill and was paid by the bank on July 15 . However, it had been recorded with a debit to Utilities Expense and a credit to Cash as though it were for $985. d. The July 31 cash receipts, $3,707, were placed in the bank's night depository after banking hours on that date and were unrecorded by the bank at the time the July bank statement was prepared. Required: a. Prepare a bank reconcillation for Shimmer Co. at July 31. b. Give the journal entries that Shimmer Co. should make as a result of having prepared the bank reconciliation in part (a). Journal entry worksheet Analysis Component: dentify whether profit, assets, liabilities, and equity would be over-or understated if the journal entries in part (b) were not recorded. (If there is no effect on any of the elements, select "No effect".)

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