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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 $1,037 and No. 5893 for $502. 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 TOTAL DEPOSITS AND CREDITS 11,479 PREVIOUS BALANCE TOTAL CHECKS AND DEBITS CURRENT BALANCE 18,000 9,915 19,564 CHECKS AND DEBITS Date 09/03 09/04 09/07 09/17 09/20 09/22 09/22 09/28 09/29 DEPOSITS AND CREDITS Date 09/05 09/12 09/21 09/25 09/30 09/30 No. 5888 5902 5901 Amount Amount 1,163 2,228 4,012 2,368 18 IN 1,690 CM 1,037 781 1,900 670 NSF 936 5905 5903 5904 5907 5909 378 2,097 264 1,852 From Chavez Company's Accounting Records

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 $1,037 and No. 5893 for $502. 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 TOTAL DEPOSITS AND CREDITS 11,479 PREVIOUS BALANCE TOTAL CHECKS AND DEBITS CURRENT BALANCE 18,000 9,915 19,564 CHECKS AND DEBITS Date 09/03 09/04 09/07 09/17 09/20 09/22 09/22 09/28 09/29 DEPOSITS AND CREDITS Date 09/05 09/12 09/21 09/25 09/30 09/30 No. 5888 5902 5901 Amount Amount 1,163 2,228 4,012 2,368 18 IN 1,690 CM 1,037 781 1,900 670 NSF 936 5905 5903 5904 5907 5909 378 2,097 264 1,852 From Chavez Company's Accounting Records

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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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 $1,037 and No. 5893 for $502. 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 TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 18,000 9,915 11,479 19,564 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Amount Date Amount 09/03 09/04 09/07 09/17 09/20 09/22 09/22 09/28 09/29 09/05 09/12 09/21 09/25 09/30 09/30 5888 1,163 2,228 4,012 2,368 18 IN 1,037 781 5902 5901 1,900 670 NSF 936 378 2,097 264 1,852 5905 5903 5904 1,690 CM 5907 5909 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit Sept. 5 12 1,163 2,228 4,012 2,368 1,660 21 30 11,431 Cash Payments Cash Check No. Credit 5901 1,900 781 5902 5903 5904 378 2,054 936 1,034 264 5905 5906 5907 5908 5909 391 1,852 9,590 150
Transcribed Image Text: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 $1,037 and No. 5893 for $502. 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 TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 18,000 9,915 11,479 19,564 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Amount Date Amount 09/03 09/04 09/07 09/17 09/20 09/22 09/22 09/28 09/29 09/05 09/12 09/21 09/25 09/30 09/30 5888 1,163 2,228 4,012 2,368 18 IN 1,037 781 5902 5901 1,900 670 NSF 936 378 2,097 264 1,852 5905 5903 5904 1,690 CM 5907 5909 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit Sept. 5 12 1,163 2,228 4,012 2,368 1,660 21 30 11,431 Cash Payments Cash Check No. Credit 5901 1,900 781 5902 5903 5904 378 2,054 936 1,034 264 5905 5906 5907 5908 5909 391 1,852 9,590 150
ACCC. NO. Explanation Debit Balance 16,461 27,892 18,302 Date PR Credit Aug. 31 Balance Sept. 30 Total receipts 30 Total payments R12 D23 11,431 9,590 Additional Information (a) Check No. 5904 is correctly drawn for $2,097 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 $2,054. (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 $1,690 note for Chavez Company by the bank. The collection is not yet recorded. Problem 8-5A Part 1 Required: 1. Prepare the September 30 bank reconciliation for this company. CHAVEZ COMPANY Bank Reconciliation September 30 Bank statement balance Book balance Add: Add: Deduct: Deduct: TAdiusted bank balance $ o lAdiusted book balance $
Transcribed Image Text:ACCC. NO. Explanation Debit Balance 16,461 27,892 18,302 Date PR Credit Aug. 31 Balance Sept. 30 Total receipts 30 Total payments R12 D23 11,431 9,590 Additional Information (a) Check No. 5904 is correctly drawn for $2,097 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 $2,054. (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 $1,690 note for Chavez Company by the bank. The collection is not yet recorded. Problem 8-5A Part 1 Required: 1. Prepare the September 30 bank reconciliation for this company. CHAVEZ COMPANY Bank Reconciliation September 30 Bank statement balance Book balance Add: Add: Deduct: Deduct: TAdiusted bank balance $ o lAdiusted book balance $
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