Question: The May cash records of Durkin Insurance follow Durkin s Cash account

The May cash records of Durkin Insurance follow:
Durkin’s Cash account shows a balance of $16,340 at May 31. On May 31, Durkin Insurance received the following bank statement:
Additional data for the bank reconciliation follow:
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 $ 1,200 bank collection was for a note receivable.
d. The correct amount of check 1419, for rent expense, is $1,960. Durkins controller mistakenly recorded the check for $1,690.
1. Prepare the bank reconciliation of Durkin Insurance at May 31, 2016.
2. Journalize any required entries from the bank reconciliation.

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  • CreatedJune 12, 2015
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