The following information is available to reconcile Savile Corp.'s book balance of cash with its bank statement cash balance as of June 30. a. On June 30, Cash balance according to the company's accounting records is $15,400,000; the bank statement cash balance for that date is $16,500,000. b. Check No. 1265 for $65,000, Check No., 2571 for $460,000, and Check No. 2889 for $508,000 are outstanding checks as of June 30. c. Check No. 2113 had been correctly drawn for $4,819 to pay for the utility bills. But while recording this transaction, the accountant typed one extra digit by mistake. According to Savile's book, this transaction was erroneously recorded as $48,190. d. The bank statement shows that the bank collected cash of $25,000 on a note receivable for the company. However, the company has not recorded this transaction before receiving the statement. e. The statement also shows a $750 bank fee in miscellaneous expenses for check printing. Savile did not record this transaction. f. Savile received daily cash receipts of $621 in its bank's night depository on June 30 but not appear on the bank statement on that date. Required: 1. Prepare the bank reconciliation for Savile Corp. as of June 30. 2. Prepare the journal entries, with a short description, necessary to make the company's book balance of cash equal to the reconciled cash balance as of June 30. (10 marks) (10 marks) Part B: (5 marks) 1. Why an internal control system is used in a company? 2. What are the goals of cash management? (3 marks) (2 marks)