[The following Information applles to the quIestions alsplayed belowChavez Company most recently reconciled its bank statement and book balances of cash on August 31 and It reportedtwo checks outstanding, No. 5888 for $1,028.05 and No. 5893 for $494.25. The following Information Is avallable for ItsSeptember 30 reconcilation.From the September 30 Bank StatementPREVIOUS BALANCETOTAL CHECKS AND DEBITSTOTAL DEPOSITS AND CREDITSCURRENT BALANCE16,800.459,628.8511,272.8518,453.25CHECKS AND DEBITSDEPOSITS AND CREDITSDateNo.AnountDateAпount09/0309/0409/0709/1709/2809/2209/2209/2869/2958881,e28.es69/0509/121,183.755982719.902.226.9059811,824,2509/214,093.ee2,351.7e09/2509/3009/306e0.25 NSF5985937.0012.5e IN1,485.ee CM5983399.102,e90.ee59845987213.8559891,807.65From Chavez Company's Accounting RecordsCash Receipts DepositedCashDateDebit1,183.752,226.904,093.ee2,351.7e1,682.75Sep. 51221253011,458.18Cash DisbursenentsCheckCashCredit1,824.25No.59e159e2719.9859e3399.182,060.00590459es937.0859e6982.3059e7213.85388.001,807.6559e859e99,332.05CashExplanationAcct. No. 101DatePRDebitCreditBalanceAug. 31 Balance15,278.1526,736.2517,484.20Sep. 30 Total receipts30 Total disbursementsR1211,458.18D239,332.05Additional InformationCheck No. 5904 Is correctly drawn for $2,090 to pay for computer equipment, however, the recordkeeper misread theamount and entered It In the accounting records with a debit to Computer Equipment and a credit to Cash of $2060. TheNSF check shown In the statement was originally recelved from a customer, S. Nilson, In payment of her account. Its returnhas not yet been recorded by the company. The credit memorandum (CM) Is from the collection of a $1,500 note forChavez Company by the bank. The bank deducted a $15 collection expense. The collection and expense are not yetrecorded. 2 Prepare Journal entrles to adjust the book balance of cash to the reconcled balance. (If no entry is required for atransactlon/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)View transaction liatJournal entry worksheet123456Record the entry related to the September 30 deposit, if requiredNote: Enter debits before credits.DateGeneral JournalDebitCreditSept 30Record entryClear entryView general journal

Question
Asked Oct 16, 2019
[The following Information applles to the quIestions alsplayed 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 $1,028.05 and No. 5893 for $494.25. The following Information Is avallable for Its
September 30 reconcilation.
From the September 30 Bank Statement
PREVIOUS BALANCE
TOTAL CHECKS AND DEBITS
TOTAL DEPOSITS AND CREDITS
CURRENT BALANCE
16,800.45
9,628.85
11,272.85
18,453.25
CHECKS AND DEBITS
DEPOSITS AND CREDITS
Date
No.
Anount
Date
Aпount
09/03
09/04
09/07
09/17
09/28
09/22
09/22
09/28
69/29
5888
1,e28.es
69/05
09/12
1,183.75
5982
719.90
2.226.90
5981
1,824,25
09/21
4,093.ee
2,351.7e
09/25
09/30
09/30
6e0.25 NSF
5985
937.00
12.5e IN
1,485.ee CM
5983
399.10
2,e90.ee
5984
5987
213.85
5989
1,807.65
From Chavez Company's Accounting Records
Cash Receipts Deposited
Cash
Date
Debit
1,183.75
2,226.90
4,093.ee
2,351.7e
1,682.75
Sep. 5
12
21
25
30
11,458.18
Cash Disbursenents
Check
Cash
Credit
1,824.25
No.
59e1
59e2
719.98
59e3
399.18
2,060.00
5904
59es
937.08
59e6
982.30
59e7
213.85
388.00
1,807.65
59e8
59e9
9,332.05
Cash
Explanation
Acct. No. 101
Date
PR
Debit
Credit
Balance
Aug. 31 Balance
15,278.15
26,736.25
17,484.20
Sep. 30 Total receipts
30 Total disbursements
R12
11,458.18
D23
9,332.05
Additional Information
Check No. 5904 Is correctly drawn for $2,090 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 $2060. The
NSF check shown In the statement was originally recelved from a customer, S. Nilson, In payment of her account. Its return
has not yet been recorded by the company. The credit memorandum (CM) Is from the collection of a $1,500 note for
Chavez Company by the bank. The bank deducted a $15 collection expense. The collection and expense are not yet
recorded.
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[The following Information applles to the quIestions alsplayed 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 $1,028.05 and No. 5893 for $494.25. The following Information Is avallable for Its September 30 reconcilation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 16,800.45 9,628.85 11,272.85 18,453.25 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Anount Date Aпount 09/03 09/04 09/07 09/17 09/28 09/22 09/22 09/28 69/29 5888 1,e28.es 69/05 09/12 1,183.75 5982 719.90 2.226.90 5981 1,824,25 09/21 4,093.ee 2,351.7e 09/25 09/30 09/30 6e0.25 NSF 5985 937.00 12.5e IN 1,485.ee CM 5983 399.10 2,e90.ee 5984 5987 213.85 5989 1,807.65 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit 1,183.75 2,226.90 4,093.ee 2,351.7e 1,682.75 Sep. 5 12 21 25 30 11,458.18 Cash Disbursenents Check Cash Credit 1,824.25 No. 59e1 59e2 719.98 59e3 399.18 2,060.00 5904 59es 937.08 59e6 982.30 59e7 213.85 388.00 1,807.65 59e8 59e9 9,332.05 Cash Explanation Acct. No. 101 Date PR Debit Credit Balance Aug. 31 Balance 15,278.15 26,736.25 17,484.20 Sep. 30 Total receipts 30 Total disbursements R12 11,458.18 D23 9,332.05 Additional Information Check No. 5904 Is correctly drawn for $2,090 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 $2060. The NSF check shown In the statement was originally recelved from a customer, S. Nilson, In payment of her account. Its return has not yet been recorded by the company. The credit memorandum (CM) Is from the collection of a $1,500 note for Chavez Company by the bank. The bank deducted a $15 collection expense. The collection and expense are not yet recorded.

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2 Prepare Journal entrles to adjust the book balance of cash to the reconcled balance. (If no entry is required for a
transactlon/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)
View transaction liat
Journal entry worksheet
1
2
3
4
5
6
Record the entry related to the September 30 deposit, if required
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Sept 30
Record entry
Clear entry
View general journal
help_outline

Image Transcriptionclose

2 Prepare Journal entrles to adjust the book balance of cash to the reconcled balance. (If no entry is required for a transactlon/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction liat Journal entry worksheet 1 2 3 4 5 6 Record the entry related to the September 30 deposit, if required Note: Enter debits before credits. Date General Journal Debit Credit Sept 30 Record entry Clear entry View general journal

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Expert Answer

Step 1

Required journal entries...

Debit
Post
Credit
Accounts and explanation
Date
ref.
(S)
(S)
Sep. 30 No journal entry
Sep. 30 Cash
12.5
Interest earned
12.5
(to record the interest earned)
Sep. 30 Cash
1485
Collection expense
Notes receivable
to record the collection against
15
1500
note receivable)
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Debit Post Credit Accounts and explanation Date ref. (S) (S) Sep. 30 No journal entry Sep. 30 Cash 12.5 Interest earned 12.5 (to record the interest earned) Sep. 30 Cash 1485 Collection expense Notes receivable to record the collection against 15 1500 note receivable)

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