24. Bank reconciliation. Set up account 1065 for account reconciliation. Set up linked accounts as appropriate. Create new accounts if necessary. Reconcile the account at May 25 using the latest bank statement. It is presented below. Note that this bank cuts off its monthly statement at the 15 th of the month. There were two outstanding prior transactions from the prior month that cleared this month. Source Description Date Amount 606 Deposit slip Apr 15 Deposit $2 850 431 Rakes Inc. Apr 14 Payment $1 850 Use the following bank statement details (Chequing Account CAD) to complete the reconciliation. Withdrawals Deposits Balance Apr. 15 Balance forward 29 030.00 Apr. 25 Deposit 2 850.00 Apr. 30 Cheque 431 -1 850.00 May 4 Cheque 432 -158.20 May 7 Deposit 607 8 174.00 May 7 Cheque 433 -6 702.00 May 15 Credit memo 10 000.00 May 15 Transfer from 04433-7744421 6 000.00 May 14 Deposit 608 1 366.00 May 15 Service Charge -18.00 May 15 Closing Balance 48,691.80