Chavez Company most recently reconciled its bank statement and book balances of cash on August 31…
Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,074 and No. 5893 for $496. Check No. 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. From the September 30 Bank Statement PREVIOUS BALANCE 18,500 TOTAL CHECKS AND DEBITS 9,953 TOTAL DEPOSITS AND CREDITS 11,280 CURRENT BALANCE 19,827 CHECKS AND DEBITS Date No. Amount 09/03 5888 1,074 09/04 5902 786 09/07 5901 1,838 09/17 654 NSF 09/20 5905 967 09/22 5903 423 09/22 5904 2,085 09/28 5907 261 09/29 5909 1,865 DEPOSITS AND CREDITS Date Amount 09/05 1, 121 09/12 2,245 09/21 4,039 09/25 2,322 09/30 13 IN 09/30 1,540 CM From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit Sept. 5 1, 121 12 2,245 21 4,039 25 2,322 30 1,740 11,467 Cash Payments Cash Check No. Credit 5901 1,838 5902 786 5903 423 5904 2,045 5905 967 5906 994 5907 261 5908 405 5909 1,865 9,584 PR Debit Cash Date Explanation Aug. 31 Balance Sept. 30 Total receipts 30 Total payments Acct. No. 101 Credit Balance 16,930 28,397 9,584 18,813 R12 D23 11,467 Additional Information (a) Check No. 5904 is correctly drawn for $2,085 to pay for computer equipment; however, the recordkeeper misread the amount and entered it in the accounting records with a debit to Computer Equipment and a credit to Cash of $2,045. (b) The NSF check shown in the statement was originally received from a customer, S. Nilson, in payment of her account. Its return has not yet been recorded by the company. (c) The credit memorandum (CM) is from the collection of a $1,540 note for Chavez Company by the bank. The collection is not yet recorded. 1. Prepare the September 30 bank reconciliation for this company. CHAVEZ COMPANY Bank Reconciliation September 30 Bank statement balance Book balance Add: Add: 0 0 0 0 Deduct: Deduct: 0 0 Adjusted bank balance $ 0 Adjusted book balance $ 0 1 Record the entry related to the September 30 deposit, if required. Record the entry related to interest earned, if required. 3 Record the entry related to the note receivable and the collection, if required. 4 Record the entry related to the outstanding checks, if required. Record the entry related to the NSF check, if required. 6 Record the entry related to the error on check 5904, if required. May 16 2022 03:12 PM
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