Problem $9\mathrm{.}5$A $($Static$)$ Correcting errors revealed by a bank reconciliation. LO $9-5,9-6$During the bank reconciliation process at Batiste & French Consulting, LLP$,$ on May $2,20$X$1,$ the following two errors were discovered in the firms records.The checkbook and the general journal indicated that Check $2206,$ dated April $17,$ was issued for $$585$ to make a cash purchase of supplies. However, examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $$85.$The checkbook and the general journal indicated that Check $2247,$ dated April $20,$ was issued for $$120$ to pay a utility bill. However, examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $$210.$Required:Prepare the adjusted book balance section of the firms bank reconciliation statement as of April $30,20$X$1.$ The book balance as of April $30$ was $$24,275.$ The errors listed above are the only two items that affect the book balance.Prepare general journal entries to correct the errors. Check $2206$ was correctly debited to Supplies on April $17$ and Check $2247$ was debited to Utilities Expense on April $20.$Analyze:If the errors described had not been corrected, would net income for the period be overstated or understated? By what amount?