The cash data of Navajo Products for September 20X5 follow:
On September 30, 20X5, Navajo received this bank statement:
Additional data for the bank reconciliation:
a. The EFT deposit was for monthly rent revenue. The EFT deduction was for monthly insurance expense.
b. The NSF check was received from a customer.
c. The correct amount of check number 1419, a payment on account, is $4,216. (The Navajo accountant mistakenly recorded the check for $4,126.)
1. Prepare the bank reconciliation of Navajo Products at September 30, 20X5. (p. 226)
2. Describe how a bank account and the bank reconciliation help managers control a firm’s cash. (p. 223)
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