Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the seven internal control procedures (10 points) and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices. 2)The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation. (Use the format shown) Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’s information for August 31. A NSF check from Johnny Jones for $3,164. Two deposits made on August 31 were not on the bank statement, totaling $2,897. The bank collected an EFT payment for Rent for $2,600. August 31 balance in Cash was $2,005. The owner had written check # 1598 for $500 and recorded this check as $5,000. The balance on the bank statement as of August 31 was $5,316. Bank service charge of $28 was shown on the bank statement. Checks #1572, 1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on the bank statement, even though the company had sent the checks.
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