Problem 7-3AOn July 31, 2017, Keeds Company had a cash balance per books of $6,140.00. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts.1. The bank service charge for July was $25.00.2. The bank collected $1,520.00 for Keeds Company through electronic funds transfer.3. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.4. Company check No. 2480 issued to L. Taylor, a creditor, for $384.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348.00.5. Checks outstanding on July 31 totaled $1,860.10.6. On July 31, the bank statement showed an NSF charge of $575.00 for a check received by the company from W. Krueger, a customer, on account.Problem 7-3A On July 31, 2017, Keeds Company had aProblem 7-3A On July 31, 2017, Keeds Company had a Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.)KEEDS COMPANYBank Reconciliation For the Month Ended July 31, 2017For the Year Ended July 31, 2017July 31, 2017 Adjusted cash balance per bankDeposits in transitElectronic funds transfer receivedNSF checkOutstanding checksError in recording check No. 2480Bank service chargeCash balance per bank statement$ AddLess: Outstanding checksError in recording check No. 2480Electronic funds transfer receivedNSF checkDeposits in transitBank service chargeCash balance per bank statementAdjusted cash balance per bank AddLess: Outstanding checksNSF checkElectronic funds transfer receivedDeposits in transitError in recording check No. 2480Adjusted cash balance per bankBank service chargeCash balance per bank statement Deposits in transitError in recording check No. 2480Outstanding checksAdjusted cash balance per bankBank service chargeCash balance per bank statementElectronic funds transfer receivedNSF check$ Cash balance per booksAdjusted cash balance per booksDeposits in transitElectronic funds transfer receivedBank service chargeOutstanding checksNSF checkError in recording check No. 2480$ AddLess: Electronic funds transfer receivedError in recording check No. 2480Adjusted cash balance per booksCash balance per booksDeposits in transitNSF checkBank service chargeOutstanding checks AddLess: Bank service charge Cash balance per books Adjusted cash balance per books Deposits in transit Outstanding checks Electronic funds transfer received NSF check Error in recording check No. 2480 $ Adjusted cash balance per books Cash balance per books Deposits in transit NSF check Outstanding checks Bank service charge Error in recording check No. 2480 Electronic funds transfer received Electronic funds transfer received NSF check Error in recording check No. 2480 Bank service charge Cash balance per books Adjusted cash balance per books Deposits in transit Outstanding checks Bank service chargeOutstanding checksElectronic funds transfer receivedCash balance per booksNSF checkError in recording check No. 2480Adjusted cash balance per booksDeposits in transit$SHOW LIST OF ACCOUNTSLINK TO TEXT Problem 7-3A On July 31, 2017, Keeds Company had aProblem 7-3A On July 31, 2017, Keeds Company had a Prepare the necessary adjusting entries at July 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date.Account Titles and ExplanationDebitCreditJuly 31. (To record electronic funds transfer received by bank) 31. (To record NSF check)31. (To correct error in recording check) 31. (To record bank service charge