2422 640 ABB Insurance's cash account shows a balance of $16,650 at December 31. On December 31, the co received the following bank statement: Bank Statement for December Beginning Balance $14,000 Dec. EFT NSF 700 S 400 Dec 2 11 19 22 29 31 31 4,150 540 560 2,190 1,700 850 i 400 160 670 1,960 Check NO. 2416 EFT 16 24 25 Check NO. 2417 Check NO. 2418 Check NO. 2419 BC SC 10 Ending BalanceSI $18,590 Notes: 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 named Dunlap Chemical. c. The S1,700 bank collection was for a note receivable. d. The correct amount of Check 2419 for rent expense is $1,940 instead of $1,490 on cash record 1) Prepare the bank reconciliation for ABB Insurance as at December 31. 2) Journalize any required entries from the bank reconciliation. 1. In March, Smith Co. completed the following transactions Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. July1 12 Purchased equipment on account,$2,400 21 The owner, Bill Alone, withdrew $500 cash from the business. 27 Performed services for a client on account, $3,400 Journalize each of the above transactions 2422 640 ABB Insurance's cash account shows a balance of $16,650 at December 31. On December 31, the co received the following bank statement: Bank Statement for December Beginning Balance $14,000 Dec. EFT NSF 700 S 400 Dec 2 11 19 22 29 31 31 4,150 540 560 2,190 1,700 850 i 400 160 670 1,960 Check NO. 2416 EFT 16 24 25 Check NO. 2417 Check NO. 2418 Check NO. 2419 BC SC 10 Ending BalanceSI $18,590 Notes: 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 named Dunlap Chemical. c. The S1,700 bank collection was for a note receivable. d. The correct amount of Check 2419 for rent expense is $1,940 instead of $1,490 on cash record 1) Prepare the bank reconciliation for ABB Insurance as at December 31. 2) Journalize any required entries from the bank reconciliation. 1. In March, Smith Co. completed the following transactions Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. July1 12 Purchased equipment on account,$2,400 21 The owner, Bill Alone, withdrew $500 cash from the business. 27 Performed services for a client on account, $3,400 Journalize each of the above transactions