YOU DO NOT NEED TO UPLOAD YOUR COMPLETED EXERCISE AT THIS TIME. Just answer the questions below in the order they are posed by clicking the Submit Answer button.a) After completing Exercise ONE, what is the correct Adjusted balance per the Books? See circle on the printed exercise. Note: This adjusted balance should match the Adjusted Balance per the Bank. (10 points for correct answer. No partial credit).b) After completing Exercise TWO, what is the correct Adjusted balance per the Books? See circle on the printed exercise. Note: This adjusted balance should match the Adjusted Balance per the Bank. (10 points for the correct answer. No partial credit). CHAPTER 4 EXERCISE TWOFile PreviewReq. 1Bank Reconciliation September 30th EXERCISE TWO:Complete the bank reconciliation for Franklin Inc. using the information below. The reconciliation form is on the next pFollowing is a list of checks and deposits recorded on Franklin's books:Other Information:1) The cash balance showing on Franklin Inc's books as of Sept 30th is \$12,590.2) Check number \#105 was correctly written and recorded by the bank for \$140, however, it was recorded on Franklin Inc's books incorrectly for \(\$ 410\). The check was to pay Rent expense.3) The Service Charge was for bank service charges. Franklin Inc. records service charges to the "Bank Charges Expense" account.4) A check previously deposited by Franklin Inc. was returned (DM) for NSF-\(\$ 280\) The check was from a customer in payment of her account.5) The Note Receivable was for the collection of a Note Receivable balance from one of Franklin Inc's investors. EXERCISE ONE: The June 30th, balance per bank statement was \$6,100. The cash balance per books was \(\$ 8,140\). Outstanding checks amounted to \(\$ 850\), and deposits in transit were \(\$ 2,500\). The bank statement contained an NSF check for \(\$ 550\), a service charge for \(\$ 25\), and a debit memo for direct payment of the telephone bill of \(\$ 175\).In addition, it was discovered that a check to pay for utilities was correctly written and paid by the bank for \(\$ 150\), but was recorded on the books as \(\$ 510\).1) Prepare a bank reconciliation at June 30th.2) Prepare any necessary journal entries.Req. 1Bank Reconciliation June 30thAdjusted Balance, June 30Adjusted Balance, June 30