Assignment Question(s): (5 Marks) Q1- A. What is a bank reconciliation and why is it important for companies to do it periodically? B. Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of $9,000. - Cash account of $7,500. Additional information for the reconciliation: Deposit in transit. NSF Check Outstanding check. Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal (2 Marks). Q2- Assume that you have a company. And the management estimates that 2.5% of sales will be uncollectible. Provide an amount of sales and prepare the journal entry using the percent of sales method (1 Mark). Q3- Q3 A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory (2 Marks). January 1: Purchased 100 units at SAR 10 per unit February 5:1Purchased 60 units at SAR 12 per unit March 16: Sold 40 Units for SAR 16 per unit Prepare general journal entries to record the March 16 sale using the . FIFO inventory valuation method. . LIFO inventory valuation method