Required information Problem 8-5A Preparing a bank reconciliation and recording

Question

Required information Problem 8-5A Preparing a bank reconciliation and recording adjustments LO P3 IThe 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 $1,058 and No. 5893 for $514. The following information is available for its September 30, 2017, reconciliation. ed From the September 30 Bank Statement PREVIOUS BALANCE!!?(TOTAL CHECKS AND DEBITS 17,000 TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 9,855 11,429 18,574 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Amount 69/03 5888 09/045902 09/075901 Date 09/05 09/12 1,829 09/21 672NSF 89/25 09/30 4189/30 Amount 1,858 1,104 2,222 4, 127 2,369 89/26 5985 69/22 5983 09/22 5984 09/28 5987 99/29 5909 976 23IN 1,584CM 233 1,868 From Chavez Company's Accounting Records sh Receipts Deposited Cash Debit Date Sept. s 12 21 25 1,184 2,222 4, 127 2, 369 1,671 11,493

Explanation / Answer

1. Chavez Company

Bank Reconciliation

September 30 2017

Bank Statement Balance $ 18,574 Book Balance $ 17,438 Add: Add: Deposits in Transit 1,671 Interest Earned 23 1,671 Net Proceeds of Note 1,584 1,607 20,245 19,045 Less: Less: Checks Outstanding NSF Check 672 Check # 5893 514 Error ( Check # 5904) 40 Check # 5906 1,047 Check # 5908 351 1,912 712 Adjusted Bank Balance 18,333 Adjusted Book Balance 18,333

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