The July cash records of Dickson Insurance follow:

Dickson Insurance’s Cash account shows a balance of \($16,520\) at July 31. On July 31, Dickson Insurance received the following bank statement:

Additional data for the bank reconciliation:

a. The EFT deposit 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 \($1,950\). Dickson’s controller mistakenly recorded the check for $1,590.
Requirements

1. Prepare the bank reconciliation of Dickson Insurance at July 31, 2011.
2. Journalize any required entries from the bank reconciliation.

Transcribed Image Text:

Cash Receipts Cash Payments Date Cash Debit Check No. Cash Credit Jul 4 $ 4,160 1416 $ 860 9 $30 1417 120 14 540 1418 650 17 2,130 1419 1,590 31 1,840 1420 1,440 1421 1,100 1422 620