Required Information The tollowing information applies to the questiors displaye

Question

Required Information The tollowing information applies to the questiors 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 $1.014 and No. 5893 for $519. The following information is available for its From the September 30 Bank Statement PREVTOUS BALANCE TOTALI DEPOSITS AND CREDITS CURRENT BALANCE DEBITS 19,580 9,877 11,481 21,104 DEPOSITS AND CHECKS AND DEBITS CREDITS Date No. 09/83 58881,014 09/05 09184 5992 09187 59011,87989/214,169 DateAmount 1,169 2,231 732 e9/12 601NSF 09/252,300 99089/30 488 09/30 1,599cH 09/28 5985 09/22 5983 09/22 59042,895 09/28 5987 e9/29 5909,880 13IN 1, 5990M 278 From Chavez Company's Accounting Records cash Receipts Deposited Cash Debit 1,169 2,231 4 169

Explanation / Answer

Part 1 CHAVEZ COMPANY Bank Reconciliation September 30, 2017 Bank statement balance $21,104.00 Book balance $19,950.00 Add Add Deposit of Sept 30     1,793.00 Interest earned $13.00 Proceeds of note    22,897.00 less $21 fee $1,599.00 $1,612.00 $21,562.00 Deduct Deduct Checks No. 5893 $   519.00 NSF check     601.00 5906    1,008.00 Error (Check 5904)      39.00 5908       448.00     1,975.00            640.00 Adjusted bank balance $20,922.00 Adjusted book balance $20,922.00 Part 2 Sept. 30 Cash         13.00 Interest Earned          13.00 To record interest earned Sept. 30 Cash    1,599.00 Collection Expense         21.00 Notes Receivable     1,620.00 To record note collection less fee Sept. 30 Accounts Receivable— S.Nilson       601.00 Cash        601.00 To charge account for NSF check plus fee Sept. 30 Computer Equipment         39.00 Cash          39.00 To correct an entry error

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