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Bank Reconciliation On July 31, Sullivan Company's Cash in Bank'account had a balance of $7,938.26....

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Accounting

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Bank Reconciliation On July 31, Sullivan Company's Cash in Bank'account had a balance of $7,938.26. On that date, the bank statement indicated a balance of $10,008.41. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $3,934.64. 2. Outstanding checks July 31 totaled $1,614.69. 3. The bank erroneousty charged a $357.50 check of Solomon Company against the Sullivan bank account. 4. A bank service charge has not yet been recorded by Sullivan Company of $27.50. 5. Sullivan neglected to record $4,400,00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $4,400.00 as a depos 6. Included with the returned checks is a memo indicating that J. Martin's check for $704.00 had been returned NSF. Martin, a customer, had sent the ch discount. 7. Sullivan Company recorded a \$119.90 payment for repairs' as $1,199.00 Required a. Prepare a bank reconciliation for Sullivan Company at july 31 . b. Prepare the journal entry (or entries) necessary to bring the Cash in Bank account into agreement with the reconciled cash balance on the bank reconcilia Note: Do not round answers - enter using two decimal places, when needed

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