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On October 31, 2018, Damon Company's general ledger shows a checking account balance of $8.430. The company's cash receipts for the month total $74,540 of whicr ST1350 has been deposited in the bank. In addition, the company has written checks for $72,500, af which $71,180 has been processed by the bank. The bank statement reveals an ending balance of $12,530 and includes the following items not yet recorded by Damon: bank service fees of $260, note receivable collected by bank of $6.100, and interest earned on the account balance plus from the note of $870.After closer inspection, Damon realizes that the bank incorrectly charged the company's account S740 for an automatic withdrawalthat should have been charged to another customers account The bank agrees to the error Required 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2018. (Amounts to be deducted should be indicated with a minus sign Answer is complete but not entirely correct Bank Reconciliation Company's Cash Balance Bank's Cash Balance s 12,530 Per general ledger 8,430 Per bank statement Deposits outstanding 71,350 Bank error (740)X (1,180) nterest earned Deposits outstanding X 74,540X Service fees (2600v 6.100 Note received 14740x Company balance per reconciliation 3 4,400 Bank balance per reconciation 2. Record the necessary entries to adjust the balance for cash (If no entry is required for a transaction/event, select No journal entry required" in the first