Cash records bank collection

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

1421 900

1422 630

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

5     4,170

10       510

15       530

18    2,180

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

Explanations: BC-bank collection; EFT-Electronic Funds Transfer; NSF-Nonsufficient Funds check;SC-Service charge

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.

 

Requirements

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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