Using the following information, prepare a bank reconciliation for Grinchville Inc. at December 31, 2021 and any adjusting journal entry: 1. The unadjusted bank statement balance is $7,200. 2. The unadjusted cash account balance is $6,024. 3. Outstanding cheques totalled $1,600. 4. Deposits in transit are $800. 5. The bank service charge is $24. 6. Electronic collections on account totalled $400. The Controller of Grinchville, Sam, would like to know why we would do bank reconciliations in the first place. Why even bother having any reconciliations or controls? Prepare a response.