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Question 1 The bank statement for Farmer Co. indicates a balance of $7,735.00 on June 30. After the journal entries for June had been posted, the cash account had a balance of $4,098.00. (a) Cash sales of $742 had been erroneously recorded in the cash receipts journal as $724. (b) Deposits in transit not recorded by bank, $425. (c) Bank debit memo for service charges, $35. Bank credit memo for note collected by bank, $2,475 including $75 interest Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. Checks outstanding, $1,860. A) Prepare a bank reconciliation on the basis of the above reconciling items (10 points) B) Record all appropriate journal entry for Farmer Co. (5 points) C) What is the purpose of the bank reconciliation and why is it important? (1.5 points) D) Which balance(in $) will show up on the Farmer Co, balance sheet? (1 point)