This document is Brenda Gleason’s completed Assessment 3 for BUS-FPX4060: Financial Accounting Principles at Capella University, submitted on January 15, 2022. It focuses on the practical application of internal control principles and accounting for assets, specifically cash.
This assignment is intended for students enrolled in the course who need to demonstrate their understanding of bank reconciliations and related journal entries. It’s used to assess a student’s ability to identify discrepancies between bank statements and accounting records, and to correctly adjust book balances.
This assessment does *not* provide instruction on how to perform bank reconciliations; it presents a completed example. It also doesn’t cover all possible scenarios related to internal controls or asset accounting. Users will still need the course materials and potentially additional resources to fully grasp the concepts.
This document provides a completed bank reconciliation for the Scheiffer Company as of October 31, 2012, including adjustments to both the bank and book balances. It also includes the journal entries required to adjust the book balance to the reconciled amount, and a discussion of potential reasons for missing check numbers. This preview *does not* include the detailed calculations or explanations behind the reconciliation process – only the final results and journal entries are shown.
