The correct amount of check 1419 for rent expense is 1 920

Assignment Help Accounting Basics

Reference no: EM13569280

The April cash record of Donald Insurance follow:

cash receipts cash payments

date	cash debit	check no	cash crdit
april 4	4,160	1416	890
april 9	530	1417	140
april 14	520	1418	670
april 17	2170	1419	1290
april 30	1860	1420	1450
		1421	800
		1422	660

Donal Insurance's Cash account shows a balance of $17, 040 at April 30. On April 30, Donald Insurance received the following bank statement:

beginning balance		13,700
deposits and other credits
apr 1 EFT	500
apr 5	4160
apr 10	530
apr 15	520
apr 18	2170
apr 22 BC	1600	9480

checks and other debits
apr 8 NSF	900
apr 11 (check no. 1416)	890
apr 19 EFT	200
apr 22 (check no. 1417)	140
apr 29 (check no 1418)	670
apr 30 (check no. 1419)	1920
30 SC	30	4750
Ending balance		18430
Explanations BC bank collection EFT electronic funds transfer: NSF nonsufficient funds checks, SC service charge

Additional data for the bank reconciliation:

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 not receivable.

d. The correct amount of check 1419 for rent expense is $1, 920. Donald's conrroller mistakenly recorded the check for $ 1, 290. requirements

R1. Prepare the bank reconciliation of Donald Insurance at April 30, 2011.

R2. Journalize any required entries from the bank reconciliation.

Reference no: EM13569280

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