The cath account for Pala Medical Co. at Jine 30, 20Y1, indicated a balance of 592,720 . The indicated a balance of $128.040 an June 30. 20vi Conparing the banik tatement and the accornparryng canceled checis and memios with the tecords revealed the following reconcing thents a. Checks outstanding totajed $344, 090 b) A deposit of 518.430, representing receipts of June 30 , had been made too tibe to appear on the bank statement c. The barik collected $31,779 on a 520,700 note, including interest of $2.070. d. Acheck for $1,900 returned wit the staternent had been incorrectly recorded by Pala Medical Co as $190. The check was for the payment of an obligation to Sikyine Supply Co. for a purchase on account e. A check drawn for $370 had been erroneously charged by the bank as $730. 1. Bank service charges for June ansouned to $55 Hequired: 1. Pecpare a bank reonchiation 2. Jounatice the necessary entires 3. If a batance sheet were prepared for Pala Medical Co on dune 30, 20Y1, what amount should be reported as cash? Chart of Accounts CHART OFACCOUNTS Pala Medical Co. General Ledger ASSETS110Cash111PettyCash120AccountsReceivable131NotesReceivable141MerchandiseInventory145OfficeSupplies146StoreSupplies151PrepaidInsurance181Land191OfficeEquipment192AccumulatedDepreciation-OfficeEquipment193StoreEquipment194AccumulatedDepreciation-StoreEquipmentREVENUE410Sales610InterestRevenueEXPENSES510CostofGoodsSold515CreditCardExpense516CashShortandOver520SalariesExpense531AdvertisingExpense532DeliveryExpense533InsuranceExpense534OfficeSuppliesExpense535RentExpense536RepairsExpense My Work 10 more Check My Work uses remaining. EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Labels For the Month Ended June 30, 20Y1 June 30,20Y1 Amount Descriptions Adjusted balance Bank error in charging check as $730 instead of $370 Bank service charges Deposit in transit on June 30 Deposit of June 30 , not recorded by bank Error in recording check Outstanding checks Note collected by bank, including $2,079 interest Total additions Total deductions 1. Prepare a bank reconciliation Bank Reconciliation Instructions 2. Joumalize the necessary entries