Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding. Number 5888 for $1,044 and Number 5893 for $517. Check Number 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. withdrawals Deposits Date September 1 September 3 September 4 September 5 September 7 September 12 September 17 September 28 September 21 September 22 September 22 September 25 September 28 September 29 September 30 Collected note September 30 Interest earned From Chavez Company's Accounting Records No 3 4 5 Cash Receipts Deposited Date Cash Debit September 5 September 12 September 21 September 25 September 30 6 Check Number 5901 5902 5903 5904 5905 5906 5907 5908 5909 Cash Payments Description Date Check #5888 Check #5982 Cash deposit Check #5901 Cash deposit NSF check. Check #5905 Cash deposit Check #5983 Check #5984 Cash deposit Check #5987 Check #5909 September 30 September 30 1,165 2,232 4,348 September 30 2,360 1,744 11,841 September 30 Date August 31 Balance September 30 Total receipts September 30 Total payments Cash Credit 1,830 787 439 2,081 917 984 264 420 1,858 9,580 Cash Explanation Cash Notes receivable Additional Information (a) Check Number 5904 is correctly drawn for $2,125 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 $2,081. (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 30 is not yet recorded by the company. Cash $ 1,044 $ 787 $ 1,830 $ 684 $917 2. Prepare journal entries to adjust the book balance of cash to the reconciled balance. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Interest earned $ 439 $ 2,125 Computer equipment Cash $ 264 $1,858 PR R12 D23 $ 1,165 $ 2,232 $ 4,340 $ 2,360 Accounts receivable-S Nilson Cash $ 1,530 $ 16 Debit 11,841 Balance $ 17,500 $ 16,456 $ 15,669 $ 16,834 $ 15,084 $ 17,236 $ 16,552 $ 15,635 $ 19,975 $ 19,536 $ 17,411 $ 19,771 $ 19,507 $ 17,649 $ 19,179 $ 19,195 Account Number 101 Credit Balance 15,939 27,788 18,200 9,580 * Answer is not complete. General Journal ✪ ✪ **** ** Ⓡ Debit 1,530 16.00 44 684 Credit 1.530 16.00 44 684
Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding. Number 5888 for $1,044 and Number 5893 for $517. Check Number 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. withdrawals Deposits Date September 1 September 3 September 4 September 5 September 7 September 12 September 17 September 28 September 21 September 22 September 22 September 25 September 28 September 29 September 30 Collected note September 30 Interest earned From Chavez Company's Accounting Records No 3 4 5 Cash Receipts Deposited Date Cash Debit September 5 September 12 September 21 September 25 September 30 6 Check Number 5901 5902 5903 5904 5905 5906 5907 5908 5909 Cash Payments Description Date Check #5888 Check #5982 Cash deposit Check #5901 Cash deposit NSF check. Check #5905 Cash deposit Check #5983 Check #5984 Cash deposit Check #5987 Check #5909 September 30 September 30 1,165 2,232 4,348 September 30 2,360 1,744 11,841 September 30 Date August 31 Balance September 30 Total receipts September 30 Total payments Cash Credit 1,830 787 439 2,081 917 984 264 420 1,858 9,580 Cash Explanation Cash Notes receivable Additional Information (a) Check Number 5904 is correctly drawn for $2,125 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 $2,081. (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 30 is not yet recorded by the company. Cash $ 1,044 $ 787 $ 1,830 $ 684 $917 2. Prepare journal entries to adjust the book balance of cash to the reconciled balance. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Interest earned $ 439 $ 2,125 Computer equipment Cash $ 264 $1,858 PR R12 D23 $ 1,165 $ 2,232 $ 4,340 $ 2,360 Accounts receivable-S Nilson Cash $ 1,530 $ 16 Debit 11,841 Balance $ 17,500 $ 16,456 $ 15,669 $ 16,834 $ 15,084 $ 17,236 $ 16,552 $ 15,635 $ 19,975 $ 19,536 $ 17,411 $ 19,771 $ 19,507 $ 17,649 $ 19,179 $ 19,195 Account Number 101 Credit Balance 15,939 27,788 18,200 9,580 * Answer is not complete. General Journal ✪ ✪ **** ** Ⓡ Debit 1,530 16.00 44 684 Credit 1.530 16.00 44 684
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter7: Accounting For Cash
Section: Chapter Questions
Problem 2CE
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