The May cash records of Dickson Insurance follow: Dickson's Cash account shows a balance of $16,650 at
Question:
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 received the following bank statement:
Additional data for the bank reconciliation follow:
a. The EFT deposit 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 number 1419 for rent expense is $1,960. Dickson's controller mistakenly recorded the check for $1,690.
Requirements
1. Prepare the bank reconciliation of Dickson Insurance at May 31, 2012.
2. Journalize any required entries from the bankreconciliation.
Step by Step Answer:
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver