Johnson Corporation received a bank statement showing a balance of $14,550 as of October 31, 20X1. The firm's records showed a book balance of $14,139 on October 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for an NSF check from Mike Hart for $421. 2. Three outstanding checks Check 7017 for $121, Check 7098 for $52, and Check 7107 for $1,530 3. A bank service charge of $17. 4. A deposit in transit of $854. The deposit was made on October 31 using the bank's ATM machine after the bank had closed. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Also prepare the necessary journal entry for the year 20X1.

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As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.