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P8-5A Chavez Company Most Recently Reconciled Its Bank Statement And Book Balances Of Cash On August 31 And It Reported Two Checks Outstanding, No. 5888
P8-5A 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 available for its September 30, 2013, reconciliation.
PREVIOUS BALANCE
TOTAL CHECKS AND DEBITS
TOTAL DEPOSITS AND CREDITS
CURRENT BALANCE
16,800.45
9,620.05
11,272.85
18,453.25
CHECKS AND DEBITS
DEPOSITS AND CREDITS
DAILY BALANCE
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 $ 2,060. 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. The credit memorandum is from the collection of a $ 1,500 note for Chavez Company by the bank. The bank deducted a $ 15 collection fee. The collection and fee are not yet recorded.
Required
1. Prepare the September 30, 2013, bank reconciliation for this company.
2. Prepare the journal entries (in dollars and cents) to adjust the book balance of cash to the reconciled balance.
Analysis Component
3. The bank statement reveals that some of the prenumbered checks in the sequence are missing. Describe three situations that could explainthis.
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