Sigma developed the following information in recording its bank statement for the month of March Balance per books March 31 $ 7,905 Balance per bank statement March 31 $15,900 (1) Checks written in March but still outstanding $7,000. (2) Checks written in February but still outstanding $2,800. (3) Deposits of March 30 and 31 not yet recorded by bank $5,200. (4) NSF check of customer returned by bank $1,200. (5) Check No. 210 for $594 was correctly issued and paid by bank but incorrectly entered in the cash payments journal as payment on account for $549. (6) Bank service charge for March. (7) A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared the bank in March. (8) The bank collected a note receivable for the company for $4,000, $150 interest revenue. fees $ 50. Instructions: 1. Prepare bank reconciliation at March 31. 2. Explain briefly the need and importance of bank reconciliation. (8 marks) (2 marks)