Instructions: Using the information below, complete the bank reconciliation for both the book andthe bank sides and create all necessary adjusting journal entries.Details:Cash balance per companys records as of July 31st was $66,955.Bank statement balance as of July 31st was $15,875.A deposit in the amount of $52,000 was deposited into the night depository of the bank on July 31st but did not get recorded in the July 31st bank statement balance.Check #354 in the amount of $575 and check # 365 in the amount of $1,500 were outstanding as of this bank statement.An NSF check in the amount of $500 (written by J. Smith, a customer) was returned by the bank to the company in the July 31st bank statement.A bank service charge in the amount of $50 was included in the July 31st bank statement.Interest in the amount of $125 was deposited into our account by the bank.The bank collected $1,000 from a customer (H. Doe) on our behalf
as part of the lockbox service that we established with the bank.The bank erroneously posted another companys check (i.e. withdrawal) in the amount of $5,000 to our account.The bank erroneously posted another companys deposit into our account in the amount of $3,000.After reconciling the bank statement, we noticed that a check that was written to pay for the current months utilities in the amount of $250 was improperly recorded in our books as $520. (It was properly recorded in the bank statement as $250.)Each assignment must include a title page and reference page. Review the grading rubric to understand how you will be graded on this assignment. Review Module 5 Part 2 Lecture, Section 1 for examples related to your Critical Thinking assignment for this week. Reach out to your instructor if you have questions about the assignment.Note: The download the template required for this assignment is located in the Module 5 folder.