3. a) Explain two reasons why a company needs to prepare a bank reconciliation statement. (4 marks) b) Using the following information, prepare a bank reconciliation for Speed Trading for October 31, 2020. The bank statement balance is RM3,506. The cash account balance is RM3,930 Outstanding checks totaled RM1,285. Deposits in transit are RM1,670. The bank service charge is RM30. A check for RM98 for supplies was recorded as RM89 in the ledger. (6 marks)