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

Assignment Help Accounting Basics

Reference no: EM13570087

The April cash records of Donald Insurance follow:

Cash Receipts Cash Payments

date	cash Debit	Check No.	Cash Credit
Apr 4	4,160	1416	$890
9	530	1417	140
14	520	1418	670
17	2,170	1419	1,290
30	1,860	1420	1,450
		1421	800
		1422	660

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

Bank Statement for April

Beginning balance	$13, 700
Deposits and other credits
apr 1 EFT	500
5	4,160
10	530
15	520
18	2,170
22 BC	1, 600	9, 480

checks and other debit
apr 8 NSF	$900
11 (check no 1416)	890
19 EFT	200
22 (check no 1417)	140
29 (check no 1418)	670
30 (check no 1419)	1, 920
30 SC	30	4,750
ending balance		$18, 430

Explanation BC-bank collection, EFT electronic funds transfer:

NSF nonsufficient funds checks; SC service charge

Additional data for the bank reconciliation:

The EFT credit was a receipt of rent. The EFT debit was an insurance payment

The NSF check was received from a customer

The 1, 600 bank collection was for a note receivable

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

Requirements

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

2. Journalize any required entries from the bank reconciliation.

Reference no: EM13570087

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