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, 2020, for Arlington Inc. based on the following information. Balance per bank statement is $18250.92. Balance per books is $21659.40. The December bank statement indicated a service charge of $32. Cheque #1170 for $500.50 and cheque #1185 for $2,500.00 were not returned with the bank statement. The bank had not received a deposit in transit of $6,434.22 when the bank statement was generated. A bank debit memo indicated an NSF cheque written by Bill Broke to Welcome Inc. on December 11, 2020, for $69. A bank credit memo indicated an interest revenue of $126.24 on December 15, 2020.

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