Chapter 8The December cash records of Dickson InsuranceCash ReceiptsCash PaymentsDate Cash Debit Check no. Cash CreditDec, 4Dec, 9Dec, 14Dec, 17Dec, 31$4,1805005102,1301,850Beg. Balance+ Deposits- ChecksDickson's Cash account shows a balance of $17,030 at Dec,31. On Dec, 31 Dickson Insurance received the following bankstatement:Dec, 1Dec, 5Dec, 10Dec, 15Dec, 18Dec, 221416141714181419142014211422End. BalanceDec, 8Dec, 11(Check no. 1416)Dec, 19Dec, 22 (Check no. 1417)Dec, 29 (Check no. 1418)Dec, 31 (Check no. 1419)Dec, 31Bank Statement for December$8501306301,1901,4901,100650BankEnd. BalanceBank ReconciliationEFTBCBookEnd. BalanceNSFEFTSC$6004,1805005102,1301,400$1,000850$4001306301,910$40$13,900Total 9,320BC - Bank Collections, EFT – Electronic Fund Transfer, NSF-Nonsufficient funds checks, SC - Service ChargeTotal (4,960)- The EFT Deposit was a receipt of rent. The EFT check wasan insurance payment.- The NSF check was received from a customer18,260- The $1,400 bank collection was for a note receivable.- The correct amount of check number 1419 for rent expenseis $1,910. Dickson's controller mistakenly recorded thecheck for $1,190.Requirements1- Prepare the Bank Reconciliation of DicksonInsurance at Dec, 31, 20152- Journalize any required entries from the bankreconciliation

The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

End. Balance 18,260 BC - Bank Collections, EFT- Electronic Fund Transfer, NSF- Nonsufficient funds checks, SC - Service Charge - The EFT Deposit was a receipt of rent. The EFT check was an insurance payment. - The NSF check was received from a customer - The $1,400 bank collection was for a note receivable. - The correct amount of check number 1419 for rent expense is $1,910. Dickson's controller mistakenly recorded the check for $1,190. Requirements 1- Prepare the Bank Reconciliation of Dickson Insurance at Dec, 31, 2015 2- Journalize any required entries from the bank reconciliation

End. Balance 18,260 BC - Bank Collections, EFT- Electronic Fund Transfer, NSF- Nonsufficient funds checks, SC - Service Charge - The EFT Deposit was a receipt of rent. The EFT check was an insurance payment. - The NSF check was received from a customer - The $1,400 bank collection was for a note receivable. - The correct amount of check number 1419 for rent expense is $1,910. Dickson's controller mistakenly recorded the check for $1,190. Requirements 1- Prepare the Bank Reconciliation of Dickson Insurance at Dec, 31, 2015 2- Journalize any required entries from the bank reconciliation

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.7C

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Chapter 8
The December cash records of Dickson Insurance
Cash Receipts
Cash Payments
Date Cash Debit Check no. Cash Credit
Dec, 4
Dec, 9
Dec, 14
Dec, 17
Dec, 31
$4,180
500
510
2,130
1,850
Beg. Balance
+ Deposits
- Checks
Dickson's Cash account shows a balance of $17,030 at Dec,
31. On Dec, 31 Dickson Insurance received the following bank
statement:
Dec, 1
Dec, 5
Dec, 10
Dec, 15
Dec, 18
Dec, 22
1416
1417
1418
1419
1420
1421
1422
End. Balance
Dec, 8
Dec, 11(Check no. 1416)
Dec, 19
Dec, 22 (Check no. 1417)
Dec, 29 (Check no. 1418)
Dec, 31 (Check no. 1419)
Dec, 31
Bank Statement for December
$850
130
630
1,190
1,490
1,100
650
Bank
End. Balance
Bank Reconciliation
EFT
BC
Book
End. Balance
NSF
EFT
SC
$600
4,180
500
510
2,130
1,400
$1,000
850
$400
130
630
1,910
$40
$13,900
Total 9,320
BC - Bank Collections, EFT – Electronic Fund Transfer, NSF-
Nonsufficient funds checks, SC - Service Charge
Total (4,960)
- The EFT Deposit was a receipt of rent. The EFT check was
an insurance payment.
- The NSF check was received from a customer
18,260
- The $1,400 bank collection was for a note receivable.
- The correct amount of check number 1419 for rent expense
is $1,910. Dickson's controller mistakenly recorded the
check for $1,190.
Requirements
1- Prepare the Bank Reconciliation of Dickson
Insurance at Dec, 31, 2015
2- Journalize any required entries from the bank
reconciliation

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