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Category > Accounting Posted 06 Aug 2017 My Price 15.00

Chavez Company

Problem 6-5A Prepare a bank reconciliation and record adjustments LO P3

[The following information applies to the questions displayed below.]

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 $1,054 and No. 5893 for $515. The following information is available for its September 30, 2013, reconciliation.

 

From the September 30 Bank Statement

 

PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE
20,500 9,966 11,427 21,961

 

CHECKS AND DEBITS DEPOSITS AND CREDITS DAILY BALANCE
Date No. Amount Date Amount Date Amount
09/03 5888 1,054 09/05 1,108 08/31 20,500
09/04 5902 708 09/12 2,272 09/03 19,446
09/07 5901 1,836 09/21 4,084 09/04 18,738
09/17   693 NSF 09/25 2,314 09/05 19,846
09/20 5905 969 09/30 16 IN 09/07 18,010
09/22 5903 398 09/30 1,633 CM 09/12 20,282
09/22 5904 2,139     09/17 19,589
09/28 5907 272     09/20 18,620
09/29 5909 1,897     09/21 22,704
          09/22 20,167
          09/25 22,481
          09/28 22,209
          09/29 20,312
          09/30 21,961

 

From Chavez Company’s Accounting Records

 

Cash Receipts Deposited
Date   Cash
Debit
Sept. 5     1,108  
12     2,272  
21     4,084  
25     2,314  
30    

1,685

  
     
 
      11,463  
     
 

 

Cash Disbursements
Check No.   Cash
Credit
5901     1,836  
5902     708  
5903     398  
5904     2,096  
5905    

969

  
5906     984  
5907     272  
5908     384  
5909     1,897  
     
 
      9,544  
     
 

 

Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
Aug. 31 Balance       18,931  
Sept. 30 Total receipts R12 11,463   30,394
30 Total disbursements D23   9,544 20,850

 

Additional Information

Check No. 5904 is correctly drawn for $2,139 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 $2,096. 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. The credit memorandum is from the collection of a $1,650 note for Chavez Company by the bank. The bank deducted a $17 collection fee. The collection and fee are not yet recorded.

 

Answers

Maurice Tutor
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Status NEW Posted 06 Aug 2017 10:08 PM My Price 15.00

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