Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. Prepare the September 30, 2017, bank reconciliation for this company.

1. Prepare the September 30, 2017, bank reconciliation for this company.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Cash Acct. No. 101 Explanation Aug. 31 Balance Sept. 30 Total receipts Date PR Debit Credit Balance 16,946 28,761 19,204 R12 11,815 30 Total disbursements D23 9,557 Additional Information Check No. 5904 is correctly drawn for $2,127 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 $2,088. 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 $18 collection fee. The collection and fee are not yet recorded. Problem 8-5A Part 1 Required: 1. Prepare the September 30, 2017, bank reconciliation for this company. CHAVEZ COMPANY Bank Reconciliation September 30, 2017 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance 2$ 0 Adjusted book balance $
Transcribed Image Text:Cash Acct. No. 101 Explanation Aug. 31 Balance Sept. 30 Total receipts Date PR Debit Credit Balance 16,946 28,761 19,204 R12 11,815 30 Total disbursements D23 9,557 Additional Information Check No. 5904 is correctly drawn for $2,127 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 $2,088. 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 $18 collection fee. The collection and fee are not yet recorded. Problem 8-5A Part 1 Required: 1. Prepare the September 30, 2017, bank reconciliation for this company. CHAVEZ COMPANY Bank Reconciliation September 30, 2017 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance 2$ 0 Adjusted book balance $
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 $1,056 and No. 5893 for $498. The following information is available for its September 30, 2017, reconciliation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 18,500 9,829 11,701 20,372 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Amount Date Amount 09/03 5888 09/05 09/12 09/21 1,056 1,185 2,223 4,272 2,368 09/04 5902 708 09/07 09/17 5901 1,818 09/25 09/30 09/30 666NSF 09/20 5905 917 21IN 09/22 5903 437 1,632CM 09/22 5904 2,127 09/28 5907 221 09/29 5909 1,879 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit Sept. 5 12 1,185 2,223 4,272 2,368 1,767 21 25 30 11,815 Cash Disbursements Cash Check No. Credit 1,818 708 5901 5902 5903 437 5904 2,088 5905 917 5906 1,048 5907 221 5908 441 5909 1,879
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 $1,056 and No. 5893 for $498. The following information is available for its September 30, 2017, reconciliation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 18,500 9,829 11,701 20,372 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Amount Date Amount 09/03 5888 09/05 09/12 09/21 1,056 1,185 2,223 4,272 2,368 09/04 5902 708 09/07 09/17 5901 1,818 09/25 09/30 09/30 666NSF 09/20 5905 917 21IN 09/22 5903 437 1,632CM 09/22 5904 2,127 09/28 5907 221 09/29 5909 1,879 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit Sept. 5 12 1,185 2,223 4,272 2,368 1,767 21 25 30 11,815 Cash Disbursements Cash Check No. Credit 1,818 708 5901 5902 5903 437 5904 2,088 5905 917 5906 1,048 5907 221 5908 441 5909 1,879
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS