More Info Data Table The cash data of Dunlap Automotive for January 2018 follow: E: (Click the icon to view the checkbook.) Dunlap Automotive received the following bank statement on January 31, 2018: (Click the icon to view the bank statement.) A (Click the icon to view the additional data for the bank reconciliation.) Read the requirements. $ 7,550 Additional data for the bank reconciliation include the following: a. The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance payment. b. The unauthorized signature check was received from a customer and returned by the bank unpaid. C. The correct amount of check number 3115, a payment on account, is $1,370. (Dunlap Automotive's accountant mistakenly recorded the check as $1,730.) Bank Statement for January 2018 Beginning balance Deposits and other additions: January 1 $ 800 EFT Prepare the Bank side of the bank reconciliation, then prepare the Book side of the bank reconciliation. (Include the balances at January Dunlap Automotive 4 2,938 Bank Reconciliation 9 545 January 31, 2018 12 1,668 Print Done 17 842 Bank: Balance, January 31, 2018 10123 22 410 Add: Deposits in transit 23 1,350 BC 8,553 Cash Account No. 101 Subtotal Checks and other deductions: Date Item Jrnl. Ref. Debit Credit Balance Less: January 7 $ 1,461 Balance 7,550 Check No. January 1 31 13 1,370 CR 6 9,614 17,164 14 418 US 31 CP 11 9,456 7,708 15 1,210 Cash Receipts (CR) Cash Payments (CP) 18 63 Date Cash Debit Check No. 21 468 EFT Cash Credit 26 833 January 2 $ 2,938 3113 $ Books: 8 545 3114 1,461 1,210 1,730 63 10 3115 1,668 842 30 142 (5,980) 15 SC 30 Ending balance 10,123 Explanation: BC-bank collection of note receivable from customer, EFT - electronic funds transfer, US - unauthorized signature, SC-service charge Add: 16 3116 22 410 3117 833 29 3118 142 865 2,346 Subtotal 30 3119 489 Print Done Less: 9,614 Total 3120 997 3121 280 2,251 3122 9,456 Total Choose from any list or enter any number in the input fields and then continue to the next question. Print Done Requirement 2. Prepare the journal entries required at January 31, 2018. (Record debits first, then credits. Exclude explanations from all journal entries.) Record the EFT deposit. Journal Entry Date Accounts Debit Credit Jan 31 Record the bank collection of note receivable. Journal Entry Date Accounts Debit Credit Jan 31 Record the correction for check #3115. Journal Entry Date Accounts Debit Credit Jan 31 Record the EFT debit. Choose from any list or enter any number in the input fields and then continue to the next question. Record the EFT debit. Journal Entry Accounts Debit Credit Date Jan 31 Record the unauthorized signature (US) check returned by the bank. Journal Entry Date Accounts Debit Credit Jan 31 Finally, record the bank service charge. Journal Entry Date Accounts Debit Credit Jan 31 Requirement 3. Describe how a bank account and the bank reconciliation help the general manager control Dunlap Automotive's cash. A bank account helps control cash by: (Select all statements that apply. If a box is not used in the table, leave the box empty; do not select a label.) do not select a label.) detecting all instances of theft detecting errors in posting collections to accounts receivable. ensuring that the bank and book records of cash are correct. ensuring that the company accounts for all its cash transactions providing a place for safekeeping. providing a detailed list of cash transactions that managers can compare to the books to correct book errors quickly. Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 3. Describe how a bank account and the bank reconciliation help the general manager control Dunlap Automotive's cash. A bank account helps control cash by: (Select all statements that apply. If a box is not used in the table, leave the box empty; do not select a label.) A bank reconciliation helps control cash by: (Select all statements that apply. If a box is not used in the table, leave the box empty; do not select a label.) detecting all instances of theft. detecting errors in posting collections to accounts receivable. ensuring that the bank and book records of cash are correct. ensuring that the company accounts for all its cash transactions correctly. establishing the balance of cash to report on the balance sheet. providing a place for safekeeping. to the next