Discuss the below:
Design and use a bank reconciliation:
The Cash account of Rampart Corp. reported a balance of $3,530 at August 31, 2016. Included were outstanding checks totaling $1,700 and an August 31 deposit of $400 that did not appear on the bank statement. The bank statement, which came from Park State Bank, listed an August 31 balance of $5,483. Included in the bank balance was an August 30 collection of $691 on account from a customer who pays the bank directly. The bank statement also shows a $13 service charge, $20 of interest revenue that Rampart earned on its bank balance, and an NSF check for $45. Prepare a bank reconciliation to determine how much cash Rampart actually has at August 31.