ACC 205 Week 4 P7 27A


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ACC 205 Week 4 P7-27A

P7-27A Preparing a bank reconciliation and journal entries [2025 min]

The December cash records of Dunlap Insurance follow:

Dunlap's Cash account shows a balance of $16,740 at December 31. On December 31, Dunlap Insurance received the following bank statement:

Additional data for the bank reconciliation follows:

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 $1,400 bank collection was for a note receivable.

d. The correct amount of check 1419 for rent expense is $1,940. Dunlap's controller mistakenly recorded the check for $1,490.

Requirements

  1. Prepare the bank reconciliation of Dunlap Insurance at December 31, 2012.

  2. Journalize any required entries from the bank reconciliation.

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Answered by 3 years ago
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ACC 205 Week 4  P7 27A

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Excerpt from file: ACC205 Principles of Accounting I Required Text Horngren, C., Harrison W. &Oliver, M. (2012). Accounting (9th ed.). Upper Saddle River, NJ: Pearson Prentice Hall. ISBN: 9780132569057 Week 4 Required Readings 1. Chapter 7: Internal Control and Cash 2. Chapter 8: Receivables Assignments a. Chapter 7,

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