Acct 2301 Chap 8 Excel11 by shrakdoc

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									                                      Student Name
                                      Problem 8-5A


                                  Chavez Company
                                 Bank Reconciliation
                                 September 30, 2008

            Bank Statement balance
            Add:
             Deposit of September 30
            Total
            Deduct:
             Checks No. 5893
              Check no. 5906
              Check no. 5908
            Adjusted bank balance

            Book balance of cash
            Add:
             Interest earned
             Proceeds of note less coll fee
            Deduct:
             NSF check
             Error on check no. 5904
            Total
            Adjusted book balance



                                    Chavez Company
                                     General Journal

Date        Account Title
Sep 30      Cash
             Interest Earned
         30 Cash
            Collection Expense
             Notes Receivable
         30 Accts. Rec.-S. Nelson
             Cash
         30 Computer Equipment
             Cash
Given Data Chap 8

                        CHAVEZ COMPANY

August 31 bank reconciliation:
 Outstanding checks:
                 No. 5888     1,028.05
                 No. 5893       494.25

From the September 30 bank statement:

September 30 Bank Statement:

Previous balance                          16,800.45
Total Checks and Debits                    9,620.05
Total Deposits and Credits                11,272.85
Current Balance                           18,453.25

Checks and Debits                       Daily Balance
Date Check Amount                       Date        Amount
09/03 5888      1,028.05                    8/31      16,800.45
09/04 5902        719.90                     9/3      15,772.40
09/07 5901      1,824.25                     9/4      15,052.50
09/17 NSF         600.25                     9/5      16,156.25
09/20 5905        937.00                     9/7      14,332.00
09/22 5903        399.10                    9/12      16,558.90
09/22 5904      2,090.00                    9/17      15,958.65
09/28 5907        213.85                    9/20      15,021.65
09/29 5909      1,807.65                    9/21      19,114.65
                                            9/22      16,625.55
                                            9/25      18,977.25
Deposits and Credits                        9/28      18,763.40
Date Description             Amount         9/29      16,955.75
09/05 Deposit                  1,103.75     9/30      18,453.25
09/12 Deposit                  2,226.90
09/21 Deposit                  4,093.00
09/25 Deposit                  2,351.70
09/30 Interest                    12.50
09/30 Credit memo              1,485.00

From Chavez Company's Accounting Records:

Cash Receipts Deposited:                 Cash Disbursements:

          Date Cash Debit                Check No. Cash Credit
       Sept. 5   1,103.75                      5901  1,824.25
            12   2,226.90                      5902    719.90
            21   4,093.00                      5903    399.10
            25   2,351.70                      5904  2,060.00
            30   1,682.75                      5905    937.00
                11,458.10                      5906    982.30
                                               5907    213.85
                                               5908    388.00
                                               5909  1,807.65
                                                     9,332.05

Cash                                                  Acct. No. 101
Given Data Chap 8

Date       ExplanationPR         Debit        Credit      Balance
Aug. 31    Balance                                        15,278.15
Sept. 30   Total receipts      11,458.10                  26,736.25
      30   Total disbursements               9,332.05     17,404.20

Check No. 5904 for computer equipment:
Entered in accounting records                2,060.00
Correct amount of check                      2,090.00

Collection of Note:
Credit memorandum from bank                  1,500.00
Bank collection fee                             15.00

Check figures:
(1) Reconciled balance         18,271.45
(2) Credit Note Receivable         1,500

Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two
The given information is the previous balance, individual checks (disbursements) and total check amounts, individual depos
1. Prepare the September 30, 2008, bank reconciliation for this company-See exhibit 6 on page 367 and exhibit 7 on page
2. Prepare the journal entries to adjust the book balance of cash to the reconciled balance-See journal entries on pages 36

Additional information:
1. Check no. 5904 is correctly drawn for $2,090 by the bank to pay for computer equipment;
however, the record keeper misread the amount and entered it in the accounting records of the company with a debit to com
2. Insufficient check shown in the statement was originally received from a customer S. Nilson, in payment of her account.
3. The credit memorandum ($1485) is from the collection of a $1,500 note for Chavez Company by the bank. The bank d
4. The company earned $12.50 interest
h on August 31 and it reported two checks outstanding. (No. 5888 for $1,028.05 and check No. 5893 for $494.25.
al check amounts, individual deposits (cash receipts) and total deposit amounts, current balance, collection note information, check entry err
 n page 367 and exhibit 7 on page 370
ce-See journal entries on pages 369



 of the company with a debit to computer equipment and a credit to cash for $2,060 (There is a $30.00 error to be corrected)
Nilson, in payment of her account. (S. Nilson was paying off an AR to Chavez for $600.25 and Nilson’s check was insufficient)
 ompany by the bank. The bank deducted a $15.00 collection fee. This also is not recorded by Chavez Company yet.
nts, current balance, collection note information, check entry errors, cash account ledger.




$2,060 (There is a $30.00 error to be corrected)
z for $600.25 and Nilson’s check was insufficient)

								
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