Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you.

Brandon Company

Bank Reconciliation

May $31,2023$

Balance per books May $31$ $ $9,500$

Add:

Electronic Fund Transfer $ $1,060$

Deposit in transit $2,4553,515$

$ $13,015$

Deduct:

Bank charges $ $10$

NSF cheque, Rhonda Teal $500$

Outstanding cheques $1,800$

Error in cheque #$78$: correctly issued and processed by the bank for $$762,$ but incorrectly recorded in the books as $$726($Accounts Payable$$Delta Co$.)362,346$

Indicated bank balance $ $10,669$

Balance per bank statement $9,359$

Discrepancy $ $1,310$

Required:

$1.$ Prepare a proper bank reconciliation showing the true Cash balance.

$2.$ Prepare the necessary journal entries.