P8-27A Preparing a bank reconciliation and journal entries The December eash records of Davidson Insurance follow: + Fit to width Learning Objective 6 Cash Receipts Date Cash Debit Dec 4 54,240 Cash Payments Check No. Cash Credit 1. Adjusted Balance 518,025 1416 550 600 1417 1418 $ 810 180 630 1,390 1,490 1,900 1419 1,860 1420 1421 700 1422 600 Davidson's Cash account shows a balance of $17.450 at December 31. On December 31, Davidson Insurance received the following bank statement $ 14,100 1.900 Bank Statement for December Beginning Balance Deposits and other Credits: Dec. 1 EFT 5350 Dec 5 4.240 Dec. 10 550 Dec. 15 500 Dec. 18 Dec 22 1.400 Checks and other Debit Dec. 8 NSF 400 Dec 11 (check no. 1416) Dec. 19 Dec 22 (check no. 1417) Dec. 29 (check no. 1418) Dec 31 (check no. 1419) 1.930 Dec. 31 Ending Balance $18.955 Explanations: BC-bank collection EFT-electronic funds transfer NSF nonsufficient funds checks SC-service charge Additional data for the bank reconciliation follow: a. The EFT credit was a recipt of rent. The EFT dcbit 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 na 1419, for rent expense, is 51,980. Davidson controller mistakenly recorded the check for $1,390. Requirements 1. Prepare the bank reconciliation of Davidson Insurance at December 31, 2018. 2. Journalize any required entries from the bank reconciliation