(Solution) - The cash data of Duff y Automotive for October 2012 -(2025 Original AI-Free Solution)

Paper Details

The cash data of Duff y Automotive for October 2012 follow:

Duff y received the following bank statement on October 31, 2012:



Additional data for the bank reconciliation include the following:
a. The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance expense.
b. The unauthorized signature check was received from a customer.
c. The correct amount of check number 3115, a payment on account, is $1,390. (Duffy?s accountant mistakenly recorded the check for $1,930.)

Requirements
1. Prepare the Duff y Automotive bank reconciliation at October 31, 2012.
2. Describe how a bank account and the bank reconciliation help the general manager control Duffy?scash.