The following information was obtained from an organisation. After comparing the bank account with the bank statement on $31$ July $2023$ the following additional information regarding balances needs to be taken into consideration:

Consideration $1$: Balance of the bank account on $1$ July $2023,$ R$670.$ The bank has a favourable balance.

Consideration $2$: Balance on the bank statement, R$850$ on $31$ July $2023.$ The bank has a favourable balance.

What is the correct entry when a business is preparing the bank reconciliation statement?