QUESTION 2 The Morning Star Educational Institute (MSEI) prepares students for special examinations such GMAT, GRE, SAT. It operates two bank accounts with Ecobank Ghana Limited and Consolidated Bank Ghana Limited. The Ecobank account is particularly very active with many transactions going through it monthly. The Chief Finance Officer asked for the Ecobank account to be reconciled immediately on June 30, 2020 and every two weeks thereafter. To prepare the MSEI Ecobank account bank reconciliation, the following data was gathered: 1. The bank statement balance on June 30, 2020 was GHC 453,082 2. The bank statement was delivered to MSEI together with two returned cheques for NSF and other reasons. The first cheque for GHC 6,750 was received from Mary Odoi, debited to cash, deposited on June 19 and returned due to NSF. The other cheque for GHC19,503 was received from Cynthia Yin and deposited on June 23. It was returned by Cynthia's bank with the imprint "Unauthorised Signature." 3. The following MSEI Ecobank cheques were outstanding as at June 30: Cheque Amount (GHC) No 613 47,725 614 8,551 621 22,000 621 17,043 4. A few students of MSEI pay monthly fees by EFT. The June bank statement listed a GHC 20,000 deposits for student fees. 5. The bank statement included two special deposits: GHC 89,914 a dividend revenue collected from Benso Oil Palm Plantation Limited (BOPP) on behalf of MSEI and GHC 1,686, being interest revenue earned by MSEI on its bank balance in June. 6. The bank statement included a debit of GHC 625 as bank service charge. 7. On June 30, MSEI Treasury Accountant deposited GHC38,114 but this deposit does not appear on the bank statement.