In class we reviewed how to complete closing entries in the general journal and general ledger. Afterwards, we began to talk about how companies safeguard their cash (cash in bank account) with internal and external controls. External controls usually refer to the use of banks and banking procedures.
Attached below are the class notes, class handout and homework template for 10-9
Notes - Banking Procedures
Handout - Check and Deposit Slip
HW - Template for 10-9 - complete closing entries only
Read 11.2 - Reconciling the Bank Statement
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