*P7.17 Information follows for Quartz Industries Ltd: Quartz Industries Ltd. Bank Reconciliation Balance per bank statement Less: Outstanding cheques No. 6124 No. 6138 May 31, 2020 No. 6139 No. 6140 1 Add deposit in transit Balance per books (correct balance) $30,928.46 $2,125.00 932.65 960.57 1,420.00 5,438.22 25,490.24 4,710.56 $30,200.80 Cheque Register-June Date Payee No. Invoice Amount Discount Cash. June 1 Bren Mfg. 6141 $ 237.50 $237.50 1 Stempy Mfg 6142 915.00 $9.15 905.85 8 Regent Co., Inc. 6143 122.90 2.45 120.45 9 Bren Mfg. 6144 306.40 306.40 10 Petty Cash 6145 89.93 89.93 17 Pretty Babies Photo 6146 706.00 14.12 691.88 22 Hey Dude Publishing 6147 447.50 447.50 23 Payroll Account 6148 4,130.00 4,130.00 25 Dragon Tools, Inc. 6149 390.75 3.91 386.84 28 Be Smart Construction 6150 2,250.00 2,250.00 29 MMT, Inc. 6151 750.00 750.00 30 Lasso Co. 6152 400.00 8.00 392.00 $10,745.98 $37.63 $10,708.35 Provincial Bank Bank Statement General Chequing Account of Quartz Industries-June 2020 Date Debits Credits Balance $30,928.46 June 1 $2,125.00 12 932.65 $ 237.50 120,45 $ 905.85 $4,710.56 32,370.67 1,507.06 32,824.63 23 1,420.00 447.50 306.40 1,458.55 32,109.28 26 4,130.00 11.05 27,968.23 30 89.93 2,250.00 1,050.00 4,157.48 28,735.78 Additional information: 1. One June 26 transaction was for bank service charges. 2. One June 30 transaction was a bank debit memo for $1,050.00 for a customer's cheque returned and marked NSF (included with the June bank statement). 3. Cash received on June 30 and put in the bank's night deposit box on the evening of June 30 was recorded by the bank in the general chequing account on July 3 for the amount of $4,607.96. Instructions a. Audit & Assurance Prepare a bank reconciliation to the correct balance as at June 30, 2020, for Quartz Industries b. Enabling Competencies Discuss the importance of the bank reconciliation to control cash.