Required information Lab 5-2 Using Conditional Formatting to Perform Bank Reconciliations [The following information applies to the questions displayed below.] Required: 1. Find the items that need to be reconciled between the company's general ledger and the bank statement. Ask the Question: Can we use conditional formatting to highlight reconciling items for a bank reconciliation? Master the Data We Consult You has cash transactions recorded in the general ledger and cash transactions reported on the bank statement, including checks, deposits, bank notes, NSF checks, and bank fees. There are several different ways the company and the bank might report different cash items, including the following: Outstanding checks are checks written by the company but not yet processed by the bank. Outstanding deposits are deposits recorded by the company but not yet processed by the bank. NSF checks are checks reported as received by the company, but the bank does not recognize them because the check writer has insufficient funds. Notes (loans made to customers collected by the bank) and Interest (owed on notes from the customers and collected by the bank) collected by banks. The company may not find out about these items until it receives the bank statement. Bank service fees are fees the bank charges for its banking services and checking accounts. The bank deducts these fees directly from the company's checking account. The company may not find out about the fee until it receives the monthly bank statement. Errors are sometimes made by the company or the bank in recording a transaction. Accountants do not find these errors until they compare the amounts for each transaction in the general ledger and each transaction in the bank statement. Software needed Excel Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4) Data: Excel File Lab 5-2 Data.xlsx Perform the Analysis: Refer to Lab 5-2 In the text for Instructions and steps for each the of lab parts. Share the Story: Bank reconciliations are a basic internal control used by companies to ensure that their cash transactions are properly recorded. By comparing the cash transactions to the Independent records of a bank, the company and Its auditors can be more certain that its cash transactions are properly recorded. The company may also use this to identify bank errors. Part 1: Upload Your Files Upload one Word or PDF document containing all of your screenshots for this Lab using the button below. Take a screenshot of your final bank reconciliation, and label it "Lab 5-2 Submission."