The image pertains to Problem 8-5A Part 2, an accounting exercise focused on reconciling cash balances. Below is a detailed transcription and explanation of the content:---**Cash Record Table**| Date | Explanation | PR | Debit | Credit | Acct. No. 101 Balance ||------------|--------------------|-----|--------|--------|-----------------------|| Aug. 31 | Balance | | | | 16,946 || Sept. 30 | Total receipts | R12 | 11,815 | | 28,761 || | Total disbursements| D23 | | 9,557 | 19,204 |**Additional Information**- **Check No. 5904:** Correctly drawn for $2,127 to pay for computer equipment. The recordkeeper misread the amount and entered it as a debit to Computer Equipment and a credit to Cash of $2,088. - **NSF Check:** Originally received from a customer, S. Nilson, in payment of her account. The return has not yet been recorded by the company.- **Credit Memorandum:** Concerns the collection of a $1,650 note for Chavez Company by the bank. An $18 collection fee was deducted by the bank, both the collection and the fee are yet to be recorded.**Problem 8-5A Part 2**2. Prepare journal entries to adjust the book balance of cash to the reconciled balance. *(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)***Journal Entry Worksheet**- Record the entry related to the September 30 deposit, if required.*Note: Enter debits before credits.*| Date | General Journal | Debit | Credit ||----------|-----------------|-------|--------|| Sept 30 | | | |This worksheet is interactive, providing spaces for journal entries to be input for the reconciliation.---The content focuses on ensuring accuracy in financial records by correcting entries through journal adjustments based on additional information like bank fees and check errors. # Chavez Company Bank Reconciliation StatementChavez Company recently reconciled its bank statement and book balances of cash on August 31, reporting two outstanding checks: No. 5888 for $1,056 and No. 5893 for $498. The following details pertain to the reconciliation on September 30, 2017.## Bank Statement Overview (September 30)1. **Previous Balance**: $18,5002. **Total Checks and Debits**: $9,8293. **Total Deposits and Credits**: $11,7014. **Current Balance**: $20,372### Detailed Transactions#### Checks and Debits- **09/03**: Check No. 5888 for $1,056- **09/04**: Check No. 5902 for $708- **09/07**: Check No. 5901 for $1,818- **09/17**: Check No. 5900 for $666 (NSF - Non-Sufficient Funds)- **09/20**: Check No. 5905 for $917- **09/22**: Check No. 5903 for $437- **09/28**: Check No. 5906 for $2,127- **09/29**: Check No. 5904 for $1,221- **09/29**: Check No. 5909 for $1,879#### Deposits and Credits- **09/05**: $1,185- **09/12**: $2,223- **09/21**: $4,272- **09/25**: $2,368- **09/30**: $211 (Interest)- **09/30**: $1,632 (Correction)## Chavez Company's Accounting Records### Cash Receipts Deposited- **Date(s) & Debits**: - Sept. 5: $1,185 - Sept. 12: $2,223 - Sept. 21: $4,272 - Sept. 25: $2,368 - Sept. 30: $1,767 - **Total**: $11,815### Cash Disbursements- **Check No. &

Bank reconciliation statement is prepared at the end of the reporting period so as to reconcile the…

Cash Acct. No. 101 Date Explanation PR Debit Credit Balance Aug. 31 Balance Sept. 30 Total receipts 30 Total disbursements 16,946 28,761 19,204 R12 11,815 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 2 2. Prepare the journal entries to adjust the book balance of cash to the reconciled balance. (If no entry is required for e transaction/levent, select "No journal entry required" in the first account field.)

Cash Acct. No. 101 Date Explanation PR Debit Credit Balance Aug. 31 Balance Sept. 30 Total receipts 30 Total disbursements 16,946 28,761 19,204 R12 11,815 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 2 2. Prepare the journal entries to adjust the book balance of cash to the reconciled balance. (If no entry is required for e transaction/levent, select "No journal entry required" in the first account field.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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please answer correct with proper work explanation computation formula required format no copy paste or skip narration also a. The June 30 cash balance in the general ledger is $838. b. The June 30 balance shown on the bank statement is $372. c. Checks issued but not returned with the bank statement were Number 712 for $10 and Number 723 for $41. d. A deposit made late on June 30 for $441 is included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $67 that was deposited on June 24 had been returned because the customer's account was overdrawn. f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: a. 1. Show the reconciling items in a…
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,150 Adjustments: Outstanding checks $3,430 Error by Chesner Co. in recording Check No. 1056 as $830 instead of $380 450 Note for $11,200 collected by bank, including interest 11,650 Deposit in transit on July 31 (7,280) Bank service charges (40) Total adjustments 8,210 Cash balance according to bank statement $15,360 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank acc4df036010fde_1 fill in the…
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12:56 84 -Template- ONLINE Qui... The accountant for the Muntinlupa Company assembled the following data: June 30 P 15,822 107,082 July 31 P 39,745 137,817 Cash account balance Bank statement balance Deposits in transit Outstanding checks Bank service charge Customer's check deposited July 10, returned by bank on July 16 marked NSF, and redeposited immediately; no entry made on books for return or redeposit Collection by bank of company's notes receivable 8,201 27,718 72 12,880 30,112 60 8,250 71,815 80,900 The bank statements and the company's cash records show these totals: Disbursements in July per bank statement Cash receipts in July per Muntinlupa's books P218,373 236,452 QUESTIONS: Based on the application of the necessary audit procedures and appreciation of the above data, you are to provide the answers to the following: How much is the adjusted cash balance as of June 30? How much is the adjusted bank receipts for July?
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An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $11,100 $ 3,585 Add: Outstanding checks Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590...... Note for $12,000 collected by bank, including interest 360 12,480 16,425 $27,525 $ 7,200 Deduct: Deposit in transit on August 31.. Bank service charges .... Cash balance according to bank statement.. 25 7,225 $20,300 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem. b. If a balance sheet is prepared for Chesner Co. on August 31, what amount should be reported for cash?