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What is a Bank Reconciliation? What is the purpose of preparing a bank reconciliation? Which account is the main focus of a bank reconciliation? Why?

  1. What is a Bank Reconciliation?
  2. What is the purpose of preparing a bank reconciliation?
  3. Which account is the main focus of a bank reconciliation? Why?
  4. Explain the importance of monthly bank reconciliations.
  5. Provide 2 examples in which a business must make journal entries during a bank reconciliation.

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