Jim Smith operates a roller skating center. He has just received the monthly bank statement at December 31 from Citizen National Bank, and the statement shows an ending balance of $750. Listed on the statement are an EFT rent collection of $330, a service charge of $8, two NSF checks totaling $100, and a $10 charge for printed checks. In reviewing his cash records, Smith identifies outstanding checks totaling $601 and a December 31 deposit in transit of $1,770. During December, he recorded a $280 check for the salary of a part-time employee as $28. Smith's Cash account shows a December 31 balance of $1,959. B (Click the icon to view the bank reconciliation.) Requirement 1. Use the bank reconciliation provided to make the journal entries that Smith should record on December 31 to update his Cash account. Include an explanation for each entry. Date Accounts and Explanations Debit Credit Dec A Data Table - X Bank Reconciliation December 31, 2014 BANK: Balance, December 31 $ 750 1,770 Add: Deposit in transit Less: Outstanding checks 2,520 (601) 1,919 $ Adjusted bank balance BOOKS: Balance, December 31 $ 1,959 Print Done Data Table - X BOOKS: Balance, December 31 $ 1,959 Add: EFT collection - rent 330 2,289 Less: $ Correction of book error NSF checks Charge for printed checks 252 100 Service charge 8 (370) 1,919 $ Adjusted book balance Print Done