Question: Why is it important to prepare a bank reconciliation when the bank statement is received from the bank? Prepare a bank reconciliation dated December 31,

Why is it important to prepare a bank reconciliation when the bank statement is received from the bank?
Prepare a bank reconciliation dated December 31, 2019, for Belington Inc. based on the following information.
Balance per bank statement is $25970.44.
Balance per books is $27308.92.
The December bank statement indicated a service charge of $20.
Cheque #1169 for $501.50 and cheque #1186 for $2,550.00 were not returned with the bank statement.
The bank had not received a deposit in transit of $4,434.22 when the bank statement was generated.
A bank debit memo indicated an NSF cheque written by Bill Broke to Welcome Inc. on December 11, 2019, for $62.
A bank credit memo indicated an interest revenue of $126.24 on December 15, 2019.

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