Wk4 Assignment: Project # 2 - Individual Instructions: This project requires you to apply the concepts and methods learned so far in the course. This is an individual project. You are permitted to discuss this project within your respective group of fellow students. Please note that the project does not have a word count requirement as a brief outline dialogue is all that is necessary.

Utilize a Word document that may be attached to your "Assignment Manager link."

Each individual will submit their paper to the Professor via the Assignment Manager link.

DELIVERABLES

I.Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.

II.Prepare the journal entry to reconcile the bank statement in Exercise I.

III.A retail store normally has three people working in the evening. All of the employees have access to the same cash register. For the last month, the cash count at the end of the evening has been recording losses. The losses range from $5 to $300. So the manager has decided to be the only one to count the cash at the end of the evening to keep the losses from happening.

Discuss if the change made by the manager is a good one. Will the losses keep happening, or will this change prevent losses due to theft? What other recommendations and changes should be considered by this manager?

This assignment is due by Sunday at 11:59 pm.