[The following Information applles to the quIestions alsplayed 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 $1,028.05 and No. 5893 for $494.25. The following Information Is avallable for Its September 30 reconcilation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 16,800.45 9,628.85 11,272.85 18,453.25 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Anount Date Aпount 09/03 09/04 09/07 09/17 09/28 09/22 09/22 09/28 69/29 5888 1,e28.es 69/05 09/12 1,183.75 5982 719.90 2.226.90 5981 1,824,25 09/21 4,093.ee 2,351.7e 09/25 09/30 09/30 6e0.25 NSF 5985 937.00 12.5e IN 1,485.ee CM 5983 399.10 2,e90.ee 5984 5987 213.85 5989 1,807.65 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit 1,183.75 2,226.90 4,093.ee 2,351.7e 1,682.75 Sep. 5 12 21 25 30 11,458.18 Cash Disbursenents Check Cash Credit 1,824.25 No. 59e1 59e2 719.98 59e3 399.18 2,060.00 5904 59es 937.08 59e6 982.30 59e7 213.85 388.00 1,807.65 59e8 59e9 9,332.05 Cash Explanation Acct. No. 101 Date PR Debit Credit Balance Aug. 31 Balance 15,278.15 26,736.25 17,484.20 Sep. 30 Total receipts 30 Total disbursements R12 11,458.18 D23 9,332.05 Additional Information Check No. 5904 Is correctly drawn for $2,090 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 $2060. The NSF check shown In the statement was originally recelved from a customer, S. Nilson, In payment of her account. Its return has not yet been recorded by the company. The credit memorandum (CM) Is from the collection of a $1,500 note for Chavez Company by the bank. The bank deducted a $15 collection expense. The collection and expense are not yet recorded. 2 Prepare Journal entrles to adjust the book balance of cash to the reconcled balance. (If no entry is required for a transactlon/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction liat Journal entry worksheet 1 2 3 4 5 6 Record the entry related to the September 30 deposit, if required Note: Enter debits before credits. Date General Journal Debit Credit Sept 30 Record entry Clear entry View general journal
[The following Information applles to the quIestions alsplayed 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 $1,028.05 and No. 5893 for $494.25. The following Information Is avallable for Its September 30 reconcilation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 16,800.45 9,628.85 11,272.85 18,453.25 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Anount Date Aпount 09/03 09/04 09/07 09/17 09/28 09/22 09/22 09/28 69/29 5888 1,e28.es 69/05 09/12 1,183.75 5982 719.90 2.226.90 5981 1,824,25 09/21 4,093.ee 2,351.7e 09/25 09/30 09/30 6e0.25 NSF 5985 937.00 12.5e IN 1,485.ee CM 5983 399.10 2,e90.ee 5984 5987 213.85 5989 1,807.65 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit 1,183.75 2,226.90 4,093.ee 2,351.7e 1,682.75 Sep. 5 12 21 25 30 11,458.18 Cash Disbursenents Check Cash Credit 1,824.25 No. 59e1 59e2 719.98 59e3 399.18 2,060.00 5904 59es 937.08 59e6 982.30 59e7 213.85 388.00 1,807.65 59e8 59e9 9,332.05 Cash Explanation Acct. No. 101 Date PR Debit Credit Balance Aug. 31 Balance 15,278.15 26,736.25 17,484.20 Sep. 30 Total receipts 30 Total disbursements R12 11,458.18 D23 9,332.05 Additional Information Check No. 5904 Is correctly drawn for $2,090 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 $2060. The NSF check shown In the statement was originally recelved from a customer, S. Nilson, In payment of her account. Its return has not yet been recorded by the company. The credit memorandum (CM) Is from the collection of a $1,500 note for Chavez Company by the bank. The bank deducted a $15 collection expense. The collection and expense are not yet recorded. 2 Prepare Journal entrles to adjust the book balance of cash to the reconcled balance. (If no entry is required for a transactlon/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction liat Journal entry worksheet 1 2 3 4 5 6 Record the entry related to the September 30 deposit, if required Note: Enter debits before credits. Date General Journal Debit Credit Sept 30 Record entry Clear entry View general journal
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 18RQSC
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning