I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you..

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 SAR10 per unit
February 5:	Purchased 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.