The May cash records of Donald Insurance follow

Donald’s Cash account shows a balance of $17,750 at May 31. On May 31, Donald 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 $1,700 bank collection was for a note receivable.

d. The correct amount of check 1419, for rent expense, is $1,900. Donald’s controller mistakenly recorded the check for $1,090.
Requirements

1. Prepare the bank reconciliation of Donald Insurance at May 31, 2024.
2. Journalize any required entries from the bank reconciliation

Transcribed Image Text:

Cash Receipts Date May 4 9 14 17 31 Cash Debit $ 4,230 520 530 1,950 1,840 Cash Payments Check No. 1416 1417 1418 1419 1420 1421 1422 Cash Credit $ 890 120 630 1,090 1,420 900 670