Preparing a bank reconciliation and journal entries The May cash records of Dickson Insurance follow:

Dickson’s Cash account shows a balance of $ 16,650 at May 31. On May 31, Dickson Insurance received the following bank statement:

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 $ 1,700 bank collection was for a note receivable.
d. The correct amount of check 1419, for rent expense, is $ 1,960. Dickson’s controller mistakenly recorded the check for $ 1,690.

1. Prepare the bank reconciliation of Dickson Insurance at May 31, 2015.
2. Journalize any required entries from the bankreconciliation.

  • CreatedJanuary 16, 2015
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