Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Chavez Company most recently reconciled its bank statement and book balances of cash on August 3 1 and it reported two checks outstanding, Number 5
Chavez Company most recently reconciled its bank statement and book balances of cash on August and it reported two checks outstanding, Number for $ and Number for $ Check Number was still outstanding as of September The following information is available for its September reconciliation. Date Description Withdrawals Deposits Balance September $ September Check # $ $ September Check # $ $ September Cash deposit $ $ September Check # $ $ September Cash deposit $ $ September NSF check $ $ September Check # $ $ September Cash deposit $ $ September Check # $ $ September Check # $ $ September Cash deposit $ $ September Check # $ $ September Check # $ $ September Collected note $ $ September Interest earned $ $ From Chavez Companys Accounting Records Cash Receipts Deposited Date Cash Debit September September September September September Cash Payments Check Number Cash Credit Cash Account Number Date Explanation PR Debit Credit Balance August Balance September Total receipts R September Total payments D Additional Information a Check Number is correctly drawn for $ 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 $ 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 collection of the note on September is not yet recorded by the company. Prepare journal entries to adjust the book balance of cash to the reconciled balance. Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Chavez Company most recently reconciled its bank statement and book balances of cash on August and it reported two checks outstanding, Number for $ and Number for $ Check Number was still outstanding as of September The following information is available for its September reconciliation.
Date Description Withdrawals Deposits Balance
September $
September Check # $ $
September Check # $ $
September Cash deposit $ $
September Check # $ $
September Cash deposit $ $
September NSF check $ $
September Check # $ $
September Cash deposit $ $
September Check # $ $
September Check # $ $
September Cash deposit $ $
September Check # $ $
September Check # $ $
September Collected note $ $
September Interest earned $ $
From Chavez Companys Accounting Records
Cash Receipts Deposited
Date Cash Debit
September
September
September
September
September
Cash Payments
Check Number Cash Credit
Cash Account Number
Date Explanation PR Debit Credit Balance
August Balance
September Total receipts R
September Total payments D
Additional Information
a Check Number is correctly drawn for $ 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 $
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 collection of the note on September is not yet recorded by the company.
Prepare journal entries to adjust the book balance of cash to the reconciled balance.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started