The bank statement for Mocha Inc shows an unadjusted balance of $2,000 at January 31, 2020, while the unadjusted cash balance, in the company books (the Cash Ledger), was $614. The following information pertains to the bank transactions for the company. 1. Deposits-in-transit: $160, bank machine deposits on January 31 were not yet processed by the bank. 2. Outstanding cheques totalled $250. 3. Bank service charges for January were $16. 4. Electronic collections totalled $1,482 and are not yet recorded by the company. 5. An NSF (Non-Sufficient Funds) customer cheque for $70 was returned with the statement. 6. A cheque correctly written to a supplier for $1,100 was incorrectly recorded in the Cash Ledger as $1000. (a) Prepare the Bank Reconciliation as of January 31, 2020. (b) Prepare any journal entries necessary to bring the company books up to date. (c) State one(1) reason why companies prepare Bank Reconciliation Reports