Task Team of FUNdaMENTAL aCCOUNtIng School of Business. Sun Yat-sen University Service chargesFees that the bank charges for certain services and are ne nown depositor until the bank statement is received Interest revenue earned on the checking account-The amount of interest earned may not be known until the bank statement is received insufficient funds checks(NSF)-NSF checks received from customers and returned to the payee, they are sometimes included in the bank statement Checks collected, deposited, and returned to payee by the bank for reasons other than NSF-The bank may return checks because the account has closed, the check is too old, the signature is not authorized, the check has been altered, or the check form is improper. Check printing charge-A fee that the bank charges for printing checks c Errors may be made by either the bank or the company 4. Prepare a bank reconciliation and the related journal entries (1)The following adjustments are made to the balance per bank. (Exhibit 7-7 is an example of a bank reconciliation. Balance per bank XX Add: Deposits in transit XX XX Less: Outstanding checks (XX) Adjusted bank balance XX (2)The following adjustments are made to the balance per books Balance per books XX Add EFT receipt XX Bank collection XX Interest reve Less: Service charge XXTask Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Service charges—Fees that the bank charges for certain services and are not known by the depositor until the bank statement is received. Interest revenue earned on the checking account—The amount of interest earned may not be known until the bank statement is received. Nonsufficient funds checks (NSF)—NSF checks received from customers and returned to the payee; they are sometimes included in the bank statement Checks collected, deposited, and returned to payee by the bank for reasons other than NSF—The bank may return checks because the account has closed, the check is too old, the signature is not authorized, the check has been altered, or the check form is improper. Check printing charge—A fee that the bank charges for printing checks. c.Errors may be made by either the bank or the company. 4. Prepare a bank reconciliation and the related journal entries (1)The following adjustments are made to the balance per bank. (Exhibit 7-7 is an example of a bank reconciliation.) Balance per bank XX Add: Deposits in transit XX XX Less: Outstanding checks (XX) Adjusted bank balance XX (2)The following adjustments are made to the balance per books. Balance per books XX Add: EFT receipt XX Bank collection XX Interest revenue XX XX Less: Service chargeXX