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AC1220 Accounting I Lab 4.1

A lab exercise for AC 1220 Accounting I, focusing on accounting principles and practices.

Claire Mitchell
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AC1220 ACCOUNTING ILab4.11AC1220Accounting ILab4.1Based on the provided scenario for Jake’s Computer Sale and Repair, answer the following:1.Bank ReconciliationPrepare the bank reconciliation for Jake’s Computer Sale and Repair as of May 31, 20x1, based on theinformation provided in the question.2.Journal EntriesMake the necessary journal entries to reconcile the cash account with the bank statement for the transactions described. Ensure to account for thecorrected prepaid advertising, NSF check, interest earned, and bank service charges.3.Internal Control IssuesJake is considering expanding Dave's responsibilities to include journalizing all sales and inventory-related transactions. Identify the internalcontrol issues that could arise from this decision. Provide at least one example of a potential problem and suggest a solution to mitigate that issue.Word Count Requirement:750-1,000 words.

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Document Details

University
ITT Technical Institute Chantilly
Course
AC 1220
Subject
Accounting

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