Prepare the journal entries required at October 31, 2018
Record the bank collection of note receivable
Record the correction for check #3115
Record the EFT debit
Record the unauthorized signature (US) check returned by the bank.
Finally, record the bank service charge
Describe how a bank reconciliation help the general manager control Durkin Automotives cash
A bank reconciliation helps control cash by
Data Table Cash Account No. 101 Date Item Jml. Ref Debit Credit Balance Balance October 1 7,450 31 CR 6 9,381 16,831 9,425 31 CP 11 7,406 Cash Receipts (CR) Cash Payments (CP) Cash Debit Date Check No. Cash Credit October 2 $ 2,937 3113 1,510 565 3114 1,153 10 1,609 3115 1,730 889 16 3116 69 22 391 3117 862 29 933 3118 146 2,057 30 3119 485 9,381 Total 3120 990 228 3121 2,252 3122 9.425 Total Bank Statement for October 2018 Beginning balance 7,450 Deposits and other additions: October 1 725 EFT 2,937 565 12 1,609 17 889 22 391 1,450 BC 23 8,566 Checks and other deductions October 7 1,510 13 1,370 14 473 US 15 1.153 18 69 21 328 EFT 26 862 30 146 30 Sc 30 (5.94 1) Ending balance 10.075 Explanation: BC-bank collection of note receivable from customer, EFT-electronic funds transfer, US-unauthorized signature, SC-service charge 18 follow: ment on October 31, 2018: i Requirements 1. Prepare Durkin Automotive's bank reconciliation at October 31, 2018. 2. Prepare the journal entries required at October 31, 2018. 3. Describe how a bank account and the bank reconciliation help the general manager control Durkin Automotive's cash Print Done nnn e input fields and then continue to the next auestion 8 follow: More Info Additional data for the bank reconciliation include the following: 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. The correct amount of check number 3115, a payment on account, is $1,370. (Durkin Automotive's accountant mistakenly recorded the check as $1,730.) a. C. Print Done The cash data of (Click the icon to view the checkbook.) Durkin Automotive received the following bank statement on October 31, 2018: EEB (Click the icon to view the bank statement.) (Click the icon to view the additional data f Read the requirements. Requirement 2. Prepare the jounal entries required at October 31, 2018. (Record debits first, the Record the EFT deposit. Journal Entry Debit Credit Date Accounts Oct 31 Choose from any list or enter any number in the input fields and then continue to the next q The cash data of Durkin Automotive for October 2018 follow: (Click the icon to view the checkbook.) Durkin Automotive received the following bank statement on October 31, 2018: B (Click the icon to view the bank statement.) i (Click the icon to view the additional data Read the requirements. Record the bank collection of note receivable. Journal Entry Date Accounts Debit Credit Oct 31 Choose from any list or enter any number in the input fields and then continue to the next The cash data of Durkin Automotive for October 2018 follow: EE (Click the icon to view the checkbook.) Durkin Automotive received the following bank statement on October 31, 2018: EE (Click the icon to view the bank statement.) i(Click the icon to view the additional data Read the requirements. Record the correction for check #3115 Journal Entry Credit Debit Date Accounts Oct 31 Desed CET dabi Choose from any list or enter any number in the input fields and then continue to the nex The cash data of Durkin Automotive for October 2018 follow (Click the icon to view the checkbook.) Durkin Automotive received the following bank statement on October 31, 2018: E (Click the icon to view the bank statement.) i (Click the icon to view the additional dat Read the requirements. Record the EFT debit. Journal Entry Date Accounts Debit Credit Oct 31 Record the unauthorized signature (US) check returned by the bank Choose from any list or enter any number in the input fields and then continue to the nex The cash data of Durkin Automotive for October 2018 follow: (Click the icon to view the checkbook.) Durkin Automotive received the following bank statement on October 31, 2018: EB (Click the icon to view the bank statement.) i (Click the icon to view the additional data Read the requirements. Record the unauthorized signature (US) check returned by the bank. Journal Entry Date Accounts Debit Credit Oct 31 Choose from any list or enter any number in the input fields and then continue to the next c The cash data of Durkin Automotive for October 2018 follow: EE (Click the icon to view the checkbook.) Durkin Automotive received the following bank statement on October 31, 2018: EB (Click the icon to view the bank statement.) (Click the icon to view the additional data for the ba Read the requirements. Finally, record the bank service charge. Journal Entry Date Accounts Debit Credit Oct 31 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 Durkin 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. Choose from any list or enter any number in the input fields and then continue to the next
