1. Explain three reasons for preparing a bank reconciliation (Briefly. using approximately 60 to 120 words only). 2. Using the information in the following problem. Explain if the following journal entry to record the replenishment of the petty cash fund on November 28 is correct and give details to explain your answer. A company established a petty cash fund on November 1 for $200 of the current year. The following transactions affecting the fund occurred during November: 5 Paid $55 to acquire office supplies Reimbursed the company controller for $30 spent on beverages for recruits (entertainment 8 expense). 18 Paid $45 for postage. 20 Paid $25 for C.O.D. charges on merchandise inventory, terms FOB shipping point. 25 Paid $40 for janitorial services When sorting the petty cash receipts to replenish the fund, the custodian noted that there was 28 $10 cash remaining. Date Account Titles and Explanation P. R. Debit 55 Nov 28, 20XX Office Supplies Entertainment Expense 30 45 Postage Merchandise Inventory 25 Janitorial Expense 40 Cash To replenish the $200 Petty Cash Fund