Two months before year-end, the bookkeeper erroneously recorded the receipt of a long-term bank loan by a
Question:
Two months before year-end, the bookkeeper erroneously recorded the receipt of a long-term bank loan by a debit to cash and a credit to sales. Which of the following is the most effective procedure for detecting this type of error?
a. Analyze the notes payable account.
b. Prepare a year-end bank reconciliation.
c. Analyze bank confirmation information.
d. Prepare a year-end bank transfer schedule.
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