Chavez Company most recently reconciled its bank statement and book balances of cash on August 31...

  

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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 $1,077 and Number 5893 for $485. Check Number 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. Date September 1 September 3 September 4 September 5 September 7 September 12 September 17 September 20 September 21 September 22 September 22 September 25 September 28 September 29 Withdrawals Deposits $ 1,077 $ 749 Balance $ 17,500 $ 16,423 $ 15,674 $ 16,833 $14,960 $ 17,239 Description September 30 Check #5888 Check #5902 Cash deposit Check #5901 Cash deposit NSF check Check #5905 Cash deposit Check #5903 Check #5904 Cash deposit Check #5907 Check #5909 Collected note $ 1,159 $ 1,873 $ 2,279 $ 633 $ 16,606 $ 999 $ 15,607 $ 4,175 $ 19,782 $ 372 $ 19,410 $ 2,114 $ 17,296 $ 2,400 $ 19,696 $ 255 $1,899 $ 19,441 $ 17,542 $ 1,630 $ 19,172 September 30 Interest earned $ 21 $ 19,193 From Chavez Company's Accounting Records Cash Receipts Deposited Date Cash Debit September 5 1,159 September 12 2,279 September 21 4,175 September 25 2,400 September 30 1,698 11,711 Cash Payments Check Number Cash Credit 5901 1,873 5902 749 5903 372 5984 2,072 5985 999 5906 1,009 5907 255 5908 398 5989 1,899 9,618 Date August 31 Cash Explanation Balance Account Number 101 PR Debit Credit Balance 15,938 September 30 September 30 Total receipts Total payments R12 11,711 D23 27,649 9,618 18,031 Additional Information (a) Check Number 5904 is correctly drawn for $2,114 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 $2,072. (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. 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. 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 $1,077 and Number 5893 for $485. Check Number 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. Date September 1 September 3 September 4 September 5 September 7 September 12 September 17 September 20 September 21 September 22 September 22 September 25 September 28 September 29 Withdrawals Deposits $ 1,077 $ 749 Balance $ 17,500 $ 16,423 $ 15,674 $ 16,833 $14,960 $ 17,239 Description September 30 Check #5888 Check #5902 Cash deposit Check #5901 Cash deposit NSF check Check #5905 Cash deposit Check #5903 Check #5904 Cash deposit Check #5907 Check #5909 Collected note $ 1,159 $ 1,873 $ 2,279 $ 633 $ 16,606 $ 999 $ 15,607 $ 4,175 $ 19,782 $ 372 $ 19,410 $ 2,114 $ 17,296 $ 2,400 $ 19,696 $ 255 $1,899 $ 19,441 $ 17,542 $ 1,630 $ 19,172 September 30 Interest earned $ 21 $ 19,193 From Chavez Company's Accounting Records Cash Receipts Deposited Date Cash Debit September 5 1,159 September 12 2,279 September 21 4,175 September 25 2,400 September 30 1,698 11,711 Cash Payments Check Number Cash Credit 5901 1,873 5902 749 5903 372 5984 2,072 5985 999 5906 1,009 5907 255 5908 398 5989 1,899 9,618 Date August 31 Cash Explanation Balance Account Number 101 PR Debit Credit Balance 15,938 September 30 September 30 Total receipts Total payments R12 11,711 D23 27,649 9,618 18,031 Additional Information (a) Check Number 5904 is correctly drawn for $2,114 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 $2,072. (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. 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.