On August 31, Year 1, the general ledger of a company shows a balance for cash of $7,774. Cash receipts yet to be deposited into the checking account total $3,168, and checks written by the academy but not yet processed by the bank total $1,255. The company's balance of cash does not reflect a bank service fee of $18 and interest earned on the checking account of $29. These amounts are included in the balance of cash of $5,872 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, Year 1. (Amounts to be deducted should be indicated with a minus sign.)

Reconciling Bank balance

Balance per Bank statement                                       5,872

Add: Deposit in transit                                                  3,168

Less: Outstanding checks                                            (1,255)

Bank balance per Reconciliation                                 $7,785

Reconciling Cashbook balance

Balance per General Ledger                                         7,774

Add: Interest Income                                                          29

Less: Bank Service Fee                                                       18

Company Balance per Reconciliation                          $7,785                

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