Teng Corporation received a bank statement showing a balance of $14,950 as of October 31, 2019. The firm's records
showed a book balance of $14,467 on October 31. The difference between the two balances was caused by the following items.
- A debit memorandum for an NSF check from Richard Wolf for $429.
- Three outstanding checks: Check 7017 for $129, Check 7098 for $60, and Check 7107 for $1,610.
- A bank service charge of $25.
- A deposit in transit of $862.
Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019.