What is the purpose of a bank reconciliation?  What are the reasons for diffe

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  What is the purpose of a bank reconciliation?  What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements?  Let’s see if you can consider one or more of the following questions related to Internal Control and start your wonderful discussions:a) What is an Internal Control? Please describe it briefly in your own wordsb) What are the components of Internal Control? Please list each one with brief descriptions in your own wordsc) What is considered as the ‘Control Environment’? Please explain one (1) factor that affects the Control Environment in your own words.d) What is a Bank Reconciliation?e) What is the effect of a bank debit memo on a depositor’s account balance?    Please be sure do some research outside your textbook (use your textbook as a reading guide) on this very important discussion topic by visiting different websites and share your thoughts and ideas here with each other. 
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#065

Bank Reconciliation

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College essay writing serviceWhat is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements? Let’s see if you can consider one or more of the following questions related to Internal Control and start your wonderful discussions:a) What is an Internal Control? Please describe it briefly in your own wordsb) What are the components of Internal Control? Please list each one with brief descriptions in your own wordsc) What is considered as the ‘Control Environment’? Please explain one (1) factor that affects the Control Environment in your own words.d) What is a Bank Reconciliation?e) What is the effect of a bank debit memo on a depositor’s account balance? Please be sure do some research outside your textbook (use your textbook as a reading guide) on this very important discussion topic by visiting different websites and share your thoughts and ideas here with each other. Purchase the answer to view it.
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#075

Reconciliation

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College essay writing serviceReconciling bank accounts is a good way to help maintain internal controls over cash. With time lags and posting errors it is easy for cash transactions to be omitted, recorded in a different accounting period, or reflect incorrect amounts. This assignment with give you practical experience in reconciling the cash balance as noted on the company books to the bank’s records. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Scenario: Daisey Company is a very profitable small business. It has not, however given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and book-keeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations. The balance per the bank statement on October 31, 2017, was $18,380. Outstanding checks were No. 62 for $140.75, No. 183 for $180, No. 284 for $253.25, No. 862 for $190.71, No. 863 for $226.80, and No. 864 for $165.28. Included with the statement was a credit memorandum of $185 indicating the collection of a note receivable for Daisey Company by the bank on October 25. This memorandum has not been recorded by Daisey. The company’s ledger showed one Cash account with a balance of $21,877.72. The balance included undepositied cash on hand. Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $3,795.51. He then prepared the following bank reconciliation in an effort to conceal his theft of cash:Cash balance per books, October 31 $21,877.72Add: Outstanding checks No. 862$190.71 No. 863226.80 No. 864165.28482.79 22,360.51Less: Undeposited receipts 3,795.51Unadjusted balance per bank, October 31 18,565.00Less: Bank credit memorandum 185.00Cash balance per bank statement, October 31 $18,380.00Prepare a 1,050-word bank reconciliation report (hint: deduct the amount of the theft from the adjusted balance per books) including the following: Purchase the answer to view itPurchase the answer to view itPurchase the answer to view it.
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#075

Bank Reconciliation and Journal Entries Activity Context Revisit the MBA6014 Co

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#065

 What is the purpose of a bank reconciliation?

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Bank   Reconciliation
What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?Analyze several of your peers’ posts.  Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance.  Could these differences just be written off.Guided Response:A bank reconciliation reconciles the bank account balance per the books to the actual bank balance.  Outstanding checks, deposits in transit, and bank errors are reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements.

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#065