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Preparing a bank reconciliation and journal entries The December cash records of Donald Insurance follow Donalds Cash account shows a balance of $16270 at December 31 On December 31 Donald

Preparing a bank reconciliation and journal entries The December cash records of Donald Insurance follow:

Donald’s Cash account shows a balance of $16,270 at December 31. On December 31, Donald Insurance received the following bank statement:

Additional data for the bank reconciliation follow:

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 $1,700 bank collection was for a note receivable.

d. The correct amount of check number 1419, for rent expense, is $1,920. Donald’s controller mistakenly recorded the check for $1,290.

Requirements

1. Prepare the bank reconciliation of Donald Insurance at December 31, 2016.

2. Journalize any required entries from the bank reconciliation.

Apr 21 2020 View more View Less

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