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Business · Accounting
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c. Sales tax payable of $14,400. IL. (20) The December cash record of ABB Insurance follow yments b Cash Receipts Check No. Cash Credit Date Cash Debit Dec 3 S 850 S 4,150 540 560 2,190 1,870 2416 2417 2418 2419 2420 2421 2422 160 670 1,690 1,450 1,200 640 16 s cash account shows a balance of $16,650 at December 31. On December 31, the compang received the following bank statement Bank Statement for December Beginning Balance $14,000 Deposits and other Credits Dec. EFT S 400 Dec. 2 Checks and other Debits NSF S 700 4,150 540 560 2,190 1,700 11 Check NO. 2416 19 22 Check NO. 2417 29 Check NO. 2418 31 Check NO. 2419 31 850 400 160 670 EFT 16 24 25 BC 1,960 SC 10 Ending Balance$18.590 Notes: BC--bank collection; EFT-electronic funds transfer, NSF-nonsufficient funds check Sc-service charge 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 named Dunlap c. The S1,700 bank collection was for a note receivable. The correct amount of Check 2419 for rent expense is $1,940 instead of $1,490 on cash 1) Prepare the bank reconcilation for ABB Insurance as at December 31. 2) Journalize any required entries from the bank reconciliation. d.
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