Using the Following Information, Prepare a Bank Reconciliation for Young

question 170

Essay

Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2014:

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Definitions:

Cash

Money in the form of currency that can include coins, currency notes, and sight deposits at financial institutions.

Sarbanes-Oxley

A U.S. law passed in 2002 to protect investors from fraudulent financial reporting by corporations.

Internal Controls

Procedures and mechanisms implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Fraud

Intentional deception made for personal gain or to damage another individual.