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P8-27A Preparing a bank reconciliation and journal entries The December cash records of Davidson Insurance follow

 P8-27A Preparing a bank reconciliation and journal entries

 The December cash records of Davidson Insurance follow

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 Davidson's Cash account shows a balance of $17,450 at December 31. On December 31, Davidson Insurance received the following bank statement:

image.png

 Explanations: BC-bank collection; EFT-electronic funds transfer;

 NSF-nonsufficient funds checks; SC-service charge

 Additional data for the bank reconciliation follow:

 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 no. 1419, for rent expense, is $1,930. Davidson's controller mistakenly recorded the check for $1,390.


 Requirements

 1. Prepare the bank reconciliation of Davidson Insurance at December 31, 2018.

 2. Journalize any required entries from the bank reconciliation.

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