The cash data of Richmond Automotive for June 2014 follow: Richmond Automotive received the following bank statement on June 30, 2014: Additional data for the bank reconciliation include the following: a. The EFT deposit was a receipt of monthly rent. Te EFT debit was a monthly insurance payment. b. The unauthorized signature check was received from a customer and returned by the bank unpaid. c. The correct amount of check number 3115, a payment on account, is $1,380. (Richmond Automotive’s accountant mistakenly recorded the check as $1,830.) Requirements 1. Prepare the Richmond Automotive bank reconciliation at June 30, 2014. 2. Prepare the journal entries required at June 30, 2014. 3. Describe how a bank account and the bank reconciliation help the general manager control Richmond Automotive’scash.
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