The following data were accumulated for use in reconciling the bank account of Nakajima Co, for July: 1. Cash balance according to the company's records at July 31,$49,910. 2. Cash balance according to the bank statement at July 31,$48,250. 3. Checks outstanding, $4,460. 4. Deposit in transit, not recorded by bank, $6,450, 5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service eharges, $30. T Check My Work a. Set up two columrs: one for the company cash account section and the other lor the bank balance secton. Deternine the eflect of the data on each column. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconcilation must be equal. If not, an item has been overlocked or treated in neroc. b. If the balance sheet is prepared for Nakagima Co, on July 31, what amount should be reported for cash? c. Must a bank reconoliation alwars balance (reconcile)? b. The reconcied aqualed balance at the end of an nccounting ceriod should be what is reported for casin on the balance sheet c. Consider the purpose of the bark reconclation and what is does