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Bank Reconciliation On July 31. Sullivan Company's Cash in Bank account had a balance of $7,216.60. On that date, the bank statement indicated a balance of $9,098.55. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit july 31 amounted to $3,576.95. 2. Outstanding checks July 31 totaled $1,467,90. 3. The bank erroneously charged a $325,00 check of Solomon Company against the Sullivan bank account. 4. A bank service charge has not yet been recorded by Sullivan Company of $25.00. 5. Sullivan neglected to record $4,000.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $4,000.00 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martin's check for $640.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $660.00 less a $20 discount. 7. Sullivan Company recorded a $109.00 payment for repairs as $1,090.00 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 reconciliation. Note: Do not round answers - enter using two decimal places, when needed. Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of \$7,216.60. On that date, the bank statement indicated a balance of $9,098.55. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit july 31 amounted to $3,576.95. 2. Outstanding checks July 31 totaled $1,467,90. 3. The bank erroneously charged a $325.00 check of Solomon Company against the Sullivan bank account. 4. A bank service charge has not yet been recorded by Sullivan Company of $25.00. 5. Sullivan neglected to record $4,000,00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $4,000.00 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martin's check for $640.00 had been returned NSF, Martin, a customer, had sent the check to pay an account of $660.00 less a $20 discount. 7. Sullivan Company recorded a $109.00 payment for repairs as $1,090.00 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 reconciliation. Note: Do not round answers - enter using two decimal places, when needed

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