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.
Requirements
1. Prepare the bank reconciliation of Durkin Insurance at May 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 $ 4,190 560 510 2,130 1,880 840 130 680 1,690 1,470 1,300 620 May 4 17 31 Bank Statement for May Beginning Balance Deposits and other Credits: S 13,800 May 1 May5 May 10 May 15 May 18 May 22 EFT $ 200 4,190 560 510 2,130 1,200 BC 8,790 Checks and other Debits: May May May May May May May 8 11 (check no. 1416) 19 22 (check no. 1417) 29 (check no. 1418) 31 (check no. 1419) 31 500 840 600 130 680 1,960 20 NSF EFT (4,730) S17,860 SC Ending Balance