The statement from Jackson County Bank on December 31 showed a balance of $27,680. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank collected a note receivable of $2,120 for Havenhill Company on December 15.
2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January.
3. Checks outstanding on December 31 totaled $1,275.
4. On December 31, the bank statement showed an NSF charge of $641 for a check received by the company from L. Menke, a customer, on the account.
i. Depreciation $148 per month
ii. Insurance expired $425
iii. Income tax expense was $241.It was unpaid at December 31.
Journalize the adjusting entries resulting from the bank reconciliation and adjustment data.