The December cash records of Davidson Insurance follow Davidsons Cash account shows a balance of $17,450 at
Question:
The December cash records of Davidson Insurance follow
Davidson’s Cash account shows a balance of $17,450 at December 31. On December 31, Davidson 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 $1,400 bank collection was for a note receivable.
d. The correct amount of check no. 1419, for rent expense, is $1,930. Davidson’s controller mistakenly recorded the check for $1,390.
Requirements
1. Prepare the bank reconciliation of Davidson Insurance at December 31, 2024.
2. Journalize any required entries from the bank reconciliation
Step by Step Answer:
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9781292412320
7th Global Edition
Authors: Tracie Miller-Nobles, Brenda Mattison, Ella Mae Matsumura