The December cash records of Dunlap Insurance follow:
Cash Receipts Cash Payments
Date Cash Debit Check No. Cash Credit
Dec 4 $ 4,170 1416 $ 860
9 510 1417 130
14 530 1418 650
17 2,180 1419 1,490
31 1,850 1420 1,440
Dunlap’s Cash account shows a balance of $16,740 at December 31. On December 31, Dunlap Insurance received the following bank statement:
Bank Statement for December
Beginning Balance $13,600
Deposits and other credits:
Dec 1 EFT $300
22 BC 1,400 $9,090
Checks and Other debits
Dec 8 NSF $1,000
11 (check no. 1416) 860
19 EFT 700
22 (check no. 1417) 130
29 (check no. 1418) 650
31 (check no. 1419) 1,940
31 SC $60 (5,340)
Ending Balance $17,350
Additional data for the bank reconciliation follows:
a. The EFT credit was a receipt of rent. The EFT debit was an insurance payment.
b. The NSF check was received from a customer.
c. The $1,400 bank collection was for a note receivable.
d. The correct amount of check 1419 for rent expense is $1,940. Dunlap’s controller mistakenly recorded the check for $1,490.
1. Prepare the bank reconciliation of Dunlap Insurance at December 31, 2012.
2. Journalize any required entries from the bank reconciliation.
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