Required information The following information applies to the questions displaye

Question

Required information 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 $1,049 and No. 5893 for $516. The following information is available for its September 30, 2017, reconciliation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 19,000 9,736 11,640 20,904 AND DEBITS DEPOSITS AND CREDITS No. 09/03 5888 09/04 5902 09/07 5901 Date Amount 1,049 742 1,823 09/05 09/12 09/21 605NSF 09/25 09/30 369 09/30 1,173 2,293 4,178 2,388 09/20 5905 09/22 5903 09/22 5904 09/28 5907 09/29 5909 944 16IN 1,592CM 2,053 252 1,899 From Chavez Company's Accounting Records Cash Receipts Deposit Cash Date Sept. 5 12 21 25 Debit 1,173 2,293 4,178 2,388 30 1 691 11,723

Explanation / Answer

JOURNAL ENTRIES: S.NO. ACCOUNTS TITLE AND EXPLANATIONS DEBIT $ CREDIT $ 1 Computer Equipment Dr. 45      Cash Account 45 (for error in recording the payment of equipment) 2 Accounts receivable-Nilson Dr. 605        Cash Account 605 (for NSF recorded) 3 Cash Account Dr. 1610     Notes reeivable Account 1610 (for payment directly received for Note by bank) 4 Bank Service Expense Account Dr. 18      Cash 18 (for collection charges levied by bank) 5 Cash Account Dr. 16      Interest revenue Account 16 (for interest credited by bank)

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