Question 5: Internal Control and Cash The April 30 bank statement of Fancy Fashions has just arrived from Royal Bank of Canada. To prepare the Fancy Fashions bank reconciliation, you gather the following data: a) The April 30 bank balance is $8,765.43 b) Fancy Fashions Cash account shows a balance of $7,643.98 on April 30 c) The following Fancy Fashions cheques are outstanding at April 30 Cheque No. 616 802 806 809 810 811 Amount $314.00 47.27 126.30 810.69 22.50 84.89 d) The bank statement includes two special deposits: $610.00, which is the amount of dividend revenue the bank collected from IBM on behalf of Fancy Fashions, and $15.42, the interest revenue Fancy Fashions earned on its bank balance during April e) The bank statement lists a $6.30 bank service charge f) On April 30, the Fancy Fashions bookkeeper deposited $487.22, which will appear on the May bank statement g) The bank statement includes a $415.00 deduction for a cheque issued by Far- Out Fashions Company (charged to our account by mistake) h) The bank statement includes two charges for returned cheques from customers. One is a nonsufficient funds Cheque in the amount of $62.00 received from a customer. The other is a $186.10 cheque received from another customer. It was returned by the customer's bank with the imprint "Unauthorized Signature" i) A few customers pay monthly bills by EFT. The April bank statement lists an EFT deposit for sale revenue of $247.00 Required: On the following page: a) Prepare the bank reconciliation for Fancy Fashions at April 30 b) Journalize the transactions needed to update the Cash account