The cash receipts and the cash payments of Copeland Hardware for July 2020 are as follows (Click the icon to view the chequebook.) The Cash account of Copeland Hardware shows a balance of 535 765 at July 31, 2020, Copeland Hardware received the following bank statement on July 31, 2020 (Click the icon to view the July bank statement.) Additional data for the bank reconciliation follows. (Click the icon to view the additional data for the bank reconciliation) Required 1. Prepare the Copeland Hardware bank reconciliation at July 31, 2020 2. Describe how a bank account and the bank reconciliation help Copeland Hardware's owner control the business's cash 3. How would you handle items that were outstanding (bank side) from the previous month's bank reconciliation? i Chequebook 2020. (Posting reference is CR) Date Cash Debit (Posting reference is CP) Cheque No. Cash Credit Jul. 3 $ 311 $ 3,850 20,900 1,750 8 312 1,700 10 1,980 B. 313 16,000 2,900 16 8,150 314 22 315 8,700 29 21,000 2,500 1,800 316 4,300 31 317 1,525 acting S Total 58,080 318 6,350 319 890 13.600 320 GA Total 59.815 Bank Statement Bank Statement for July 2020 Withdrawals Deposits Date Balance Description Jul.01 37,500 Balance Forward Jul 01 1,000 EFT Dividend Collection 38,500 20,900 Jul.04 59,400 3,850 Jul 07 55,550 1,750 Jul.09 57,300 1,980 Jul. 12 59,280 Deposit Chq#00311 Deposit Deposit Cha#00313 NSF Cheque Chq#00312 Deposit Cha#00314 Jul. 13 43,780 15100 3.750 1,700 Jul. 14 40,030 Jul 15 38,330 8.150 Jul 17 46,480 2.900 Jul 18 43,580 - X Additional Data a. The EFT deposit was a receipt of monthly rent. The EFT debit was payment of monthly insurance. b. The NSF cheque was received from R. M. Hayes. c. The $15,500 bank collection of a note receivable on July 22 included $400 interest revenue. d. The correct amount of cheque number 313, a payment on account, is $15,500. (Copeland Hardware's accountant mistakenly recorded the cheque for $16,000.) Print Done Requirement 1. Prepare the Copeland Hardware bank reconciliation at July 31, 2020 Prepare the bank section of the bank reconciliation. Then, prepare the book section of the bank reconciliation (Use parentheses or a minus sign when subtracting subtotals. Abbreviations used: incl. includes.) Copeland Hardware 2. Describe how a bank account 3. How would you handle items that were outstanding (bank side) from the previous month's bank reco Copeland Hardware Bank Reconciliation July 31, 2020 BANK Add: Add. Less Cheque No w would you handle items that were outstanding (bank side) from the previous Less Cheque No. Less: Cheque No. o framan BOOKS Add Less Choose from any list or antara Less uirement 2. Describe how a bank account and the bank reconciliation hein Copeland Hardura Required 1. Prepare the Copeland Hardware bank reconciliation at July 31, 2020 2. Describe how a bank account and the bank reconciliation help Copeland Hardware's owner control the business's cash 3. How would you handle items that were outstanding (bank side) from the previous month's bank reconciliation? Requirement 2. Describe how a bank account and the bank reconciliation help Copeland Hardware's owner control the business's cash A bank helps control cash by providing a place for safekeeping A bank helps control cash by ensuring that the company accounts for all its cash transactions and that the bank and book records of cash are creat Requirement 3. How would you handle items that were outstanding (bank side) from the previous month's bank reconciliation? If the items listed as outstanding on last month's (June) bank reconciliation clear or are processed on this month's bank statement, then