You have recently started an internship in BankRec, Inc., a financial services company. Your supervisor provided you with the following information and asked you to prepare a bank reconciliation for BankRec, Inc., as at October 31, 2021. Cash balance per books, October 31 Outstanding cheques, October 31 Deposit in transit, October 31 October bank service charges Balance per bank statement $7,000 840 625 10 6,885 Other information: The bank service charges for October have not been recorded by BankRec. A customer's cheque for $500 was returned by the bank NSF (Not Sufficient Funds). BankRec. intends to recover the funds from the customer. A cheque to a supplier for payment on account was erroneously entered as $752 on BankRec's records, but was correctly written as $572 on the cheque itself and cashed as $572 by the bank. REQUIRED: 1. Prepare a bank reconciliation for BankRec, Inc. as at October 31, 2021. (5 marks) 2. Prepare the journal entry or entries needed to adjust BankRec's accounts at October 31. (3 marks) 3. A bank reconciliation is an important element of a system of internal control. Briefly describe two other internal control policies related to cash. (2 marks) You have recently started an internship in BankRec, Inc., a financial services company. Your supervisor provided you with the following information and asked you to prepare a bank reconciliation for BankRec, Inc., as at October 31, 2021. Cash balance per books, October 31 Outstanding cheques, October 31 Deposit in transit, October 31 October bank service charges Balance per bank statement $7,000 840 625 10 6,885 Other information: The bank service charges for October have not been recorded by BankRec. A customer's cheque for $500 was returned by the bank NSF (Not Sufficient Funds). BankRec. intends to recover the funds from the customer. A cheque to a supplier for payment on account was erroneously entered as $752 on BankRec's records, but was correctly written as $572 on the cheque itself and cashed as $572 by the bank. REQUIRED: 1. Prepare a bank reconciliation for BankRec, Inc. as at October 31, 2021. (5 marks) 2. Prepare the journal entry or entries needed to adjust BankRec's accounts at October 31. (3 marks) 3. A bank reconciliation is an important element of a system of internal control. Briefly describe two other internal control policies related to cash. (2 marks)