Chris meet Peter to discuss his business. Peter had accounting service. He has asked Chris if he would like to have him do his accounting. Peter suggests that he do the following for Chris. 1. Hold cash until there is enough to be deposited. (He would keep the cash locked up in his vehicle). He would also take all of the deposits to the bank at least twice a month. 2. Write and sign all of the checks. 3. Record all of the deposits in the accounting records. 4. Record all of the checks in the accounting records. 5. Prepare the monthly bank reconciliation. 6. Transfer all of Chris's manual accounting records to his computer accounting program. Peter maintains all of the accounting information that he keeps for his clients on his laptop computer. 7. Prepare monthly financial statements for Chris to review. 8. Write himself a check every month for the work he has done for Chris. Chris decides that he cannot afford to hire Peter to do his accounting. One way that he can ensure that his cash account does not have any errors and is accurate and up-to-date is to prepare a bank reconciliation at the end of each month. Chris would like you to help him. He asks you to prepare a bank reconciliation for October 2020 using the following information: 1. Cash balance per books, October 31, $18,420. 2. The bank service charge for October was $75. 3. The bank collected $4,560 for Chris Company through electronic funds transfer. 4. The October 31 receipts of $3,579.90 were not included in the bank deposits for October. These receipts were deposited by the company in a night deposit vault on October 31. 5. Company check No. 151 issued to Marion, a creditor, for $1,152 that cleared the bank in October was incorrectly entered as a cash payment on October 10 for $115. 6. Cash balance per bank, October 31, $23,072.40. 7. Checks outstanding on July 31 totaled $5,580.30. 8. On October 31, the bank statement showed an NSF charge of $796 for a check received by the company from Rob, a customer, on account. Instructions: a. Identify the weaknesses in internal control that you see in the system Peter is recommending. If Chris hires Peter to do the accounting, can you suggest any improvements? (10 points) b. Prepare bank reconciliation for October 31, 2020 and interpret the result! (10 points) c. Prepare adjusting entries at October 31, 2020 and give your explanation! (10 points)