The December cash records of Duffy Insurance follow:

Duffy€™s Cash account shows a balance of $17,050 at December 31. On December 31, Duffy 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 $1,600 bank collection was for a note receivable.
d. The correct amount of check 1419, for rent expense, is $1,910. Duffys controller mistakenly recorded the check for $1,190.
Requirements
1. Prepare the bank reconciliation of Duffy Insurance at December 31, 2016.
2. Journalize any required entries from the bank reconciliation.

Transcribed Image Text:

Cash Receipts Cash Payments Date Cash Debt Check No. Cash Credit 1416 1417 1418 1419 1420 1421 1422 4,190 510 550 2,150 1,830 $840 170 680 1,190 1,470 1,200 630 Dec. 4 31 Bank Statement for December Beginning Balance 14,000 Deposits and other Credits: Dec.1 Dec5 Dec. 10 Dec. 15 Dec. 18 Dec. 22 EFT 400 4,190 510 550 2,150 1,600 BC 9,400 Checks and other Debits Dec.8 Dec. 11 (check no: 1416) Dec. 19 Dec 22 (check no. 1417) Dec. 29 (check no. 1418) Dec. 31 (check no. 1419) Dec. 31 600 840 700 170 680 1,910 20 NSF EFT (4,920) 18,480 SC Ending Balance