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May cash records of Dickson Insurance

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P7-35B Preparing a bank reconciliation and journal entries [20–25 min]

The May cash records of Dickson Insurance follow:

May 4 $4,150 Check No 1416 $850
9 540 Check 1417 160

and so on....

a. The EFT deposit was a receipt of rent. The EFT debit was an insurance payment.
b. The NSF check was received from a customer.
c. The $1,700 bank collection was for a note receivable.
d. The correct amount of check number 1419 for rent expense is $1,960. Dickson’s controller
mistakenly recorded the check for $1,690.

1. Prepare the bank reconciliation of Dickson Insurance at May 31, 2012.
2. Journalize any required entries from the bank reconciliation.

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