P8-25A Preparing a bank reconciliation and journal entries The December cash records of Dunlap Insurance follow: Cash Receipts Cash Payments Date Cash Debit Check No. Cash Credit Dec. 4 $ 4,170 1416 $ 860 9 510 1417 130 14 530 1418 650 17 2,180 1419 1,490 31 1,850 1420 1,440 1421 900 1422 630Dunlap's Cash account shows a balance of $16,740 at December 31. On December 31, Dunlap Insurance received the following bank statement: Bank Statement for December Beginning Balance $ 13,600 Deposits and other Credits: Dec. 1 EFT $ 300 Dec. 5 4, 170 Dec 10 510 Dec. 15 530 Dec. 18 2,180 Dec. 22 BC 1,400 9,090 Checks and other Debits: Dec. 8 NSF 1,000 Dec. 11 (check no. 1416) 860 Dec. 19 EFT 700 Dec. 22 (check no. 1417) 130 Dec. 29 (check no. 1418) 650 Dec. 31 (check no. 1419) 1,940 Dec. 31 5C 60 (5,340) Ending Balance $ 17,350 Explanations: BC-bank collection; EFT-electronic funds transfer; NSF-nonsufficient funds checks; 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. c. The $1,400 bank collection was for a note receivable. d. The correct amount of check 1419, for rent expense, is $1,940. Dunlap's controller mistakenly recorded the check for $1,490. Requirements 1. Prepare the bank reconciliation of Dunlap Insurance at December 31, 2015. 2. Journalize any required entries from the bank reconciliation