Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
the images are readable i can read them perfectly fine Required Information Problem 6-5A Preparing a bank reconciliation and recording adjustments LO P3 [The following
the images are readable i can read them perfectly fine Required Information Problem 6-5A Preparing a bank reconciliation and recording adjustments LO P3 [The following Information applies to the questions displayed 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 $1,020 and No. 5893 for $480. 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 DBITS 17,080 TOTAL DEPOSITS AND CREDITS 11,647 CURRENT BALANCE 18,916 9,731 Date Date CHECKS AND DEBITS No Amount 09/03 5888 1,020 09/04 5902 709 09/07 5903 1,875 09/17 635 | 09/20 5909 953 09/22 5903 385 09/22 5980 2.0 09/28 5907 211 03/29 5909 1,859 DEPOSITS AND CREDITS Amount 09/03 1,176 09/12 2,243 09/21 4,227 09/25 2,349 09/se 12 IN 89/30 1,640 CM From Chavez Company's Accounting Records E Cash Receipts Deposited Cash Date Debit Sept. 5 1,176 12 2,243 21 4,227 25 2,349 30 1,657 11,652 7 Cash Payments Cash Check No. Credit 5901 1,875 5902 789 5903 385 5984 2,648 5985 953 5906 964 5907 211 5908 400 5909 1,859 9,404 PR Debit Credit Cash Date Explanation Aug. 31 Balance Sept. 38 Total receipts 30 Total payments Acct. No. 101 Balance 15,500 27,152 12,748 11,652 R12 023 9,404 9,484 PR Debit Credit Cash Date Explanation Aug 31 Balance Sept. 38 Total receipts 30 Total payments Acct. No. 101 Balance 15, see 27,152 17,748 R12 023 11,652 9,484 Additional Information (a) Check No. 5904 is correctly drawn for $2,084 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 $2,048. (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 $1,640 note for Chavez company by the bank. The collection is not yet recorded 2. Prepare Journal entries to adjust the book balance of cash to the reconciled ba transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list 1 Record the entry related to the September 30 deposit, if required. 2 Record the entry related to interest earned, if required. 3 Record the entry related to the note receivable and the collection, if required. 4 Record the entry related to the outstanding checks, if required. Credit 5 Record the entry related to the NSF check, if required. 6 Record the entry related to the error on check 5904, if required. Note : = journal entry has been entered Record entry Clear entry View general
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668eb117790bf_479668eb11717530.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668eb1182be1c_479668eb117c3886.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668eb118bb75c_480668eb1185e6cc.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668eb1199812b_481668eb1191839c.jpg)
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