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Please answer the question C- internal controls. Jack Joe, Inc, sells toy mice to high end toy stores. Following are facts you need to A)prepare
Please answer the question C- internal controls.
Jack Joe, Inc, sells toy mice to high end toy stores. Following are facts you need to A)prepare JackJoe's March bank reconciliation (10 points) and B) related journal entries (5 points) and C) explain the internal control principle that a bank reconciliation satisfies (hint: in Chapter 5): Balance per company General Ledger 3/31 $ 25,000 Bank service charge for the month 50 Bounced (NSF) check returned with bank statement 1.950 Note collected by the bank during the month 55,000 Outstanding checks at month end 14,000 Interest on note collected during the month 5,000 Balance per bank at end of month 90,000 Deposit in transit at month end $ 7,000 Test 2: Question 1 Criteria Ratings Pts Bank reconciliation 10 pts Journal entries 5 pts Internal Controls 5 pts Total Points: 20 Please follow the instructions in the pic above otherwise I won't get any points for the assignment. Thank youStep by Step Solution
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