The September cash records of Povich Industrial, Inc., follow:

Povich Industrial’s Cash account shows the balance of $5,941 on September 30. On September 30, Povich Industrial, Inc., received the following bank statement:

Additional data for the bank reconciliation:

a. The EFT deposit was a receipt of rent revenue. The EFT debit was payment of insurance expense.

b. The NSF check was received from a customer.

c. The $1,300 bank collection was for a note receivable.

d. The correct amount of check 1419 is $431. Povich Industrial, Inc., mistakenly recorded the check for $341.

Requirement

Prepare Povich Industrial, Inc.’s bank reconciliation at September 30?

Transcribed Image Text:

Cash Receipts (CR) Cash Debit Cash Payments (CP) Check No. 1416 1417 1418 1419 1420 1421 1422 Date Cash Credit $2,722 544 875 365 2,035 Sep 4 750 14 17 30 91 341 985 230 2,256 Bank Statement for September Beginning Balance Deposits and other additions Sep 1 $ 4,060 $ 650 EFT 2,722 10 544 15 875 18 365 30 1,300 BC 6,456 Checks and other deductions $ 440 NSF Sep 8 15 (Check no. 1416) 19 345 EFT 22 (Check no. 1417) 29 (Check no. 1418) 30 (Check no. 1419) 750 91 431 30 55 SC (2,119) $ 8,397 Ending Balance Explanations: BC-bank ollection; EFT-electronic funds transfer, NSF-nonsufficient funda check; SC-service charge.