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ACCT 2000 Chapter : Acct Homework

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azuremammoth471
15 Mar 2019
School
LSU
Department
Accounting
Course
ACCT 2000
Professor
All

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Document Summary

Balance september 1 - ,752; cash deposited - ,000. Balance september 30 - ,952; checks written - ,800. The september bank statement shows a balance of ,774 at september 30 and the following memoranda. Collection of ,135 note plus interest ,165 nsf check: h. juno . Interest earned on checking account 53 safety deposit box rent 58. At september 30 deposits in transit were ,169 and outstanding checks totaled ,726. ,217 (b) prepare the adjusting entries at september 30. Cr notes receivable ,135 (to record collection of note receivable) Cr interest revenue (to record interest earned)

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Related Questions

The information below relates to the Cash account in the ledger ofRobertson Company.
Balance September 1 -- $17,741; Cash deposited -- $63,277.
Balance September 30 -- $17,217; Checks written -- $63,801.


The September bank statement shows a balance of $16,101 onSeptember 30 and the following memoranda.

Credits
Debits

Collection of $1,601 note plus interest $29 $1,630 NSF check: J. E.Hoover $498
Interest earned on checking account $54 Safety deposit box rent$82


At September 30, deposits in transit were $4,448, and outstandingchecks totaled $2,228.
a)prepare the bank reconcilition at september 30
b)prepare the adjusting entries at september 30 assuming (1) theNSF check was from a sustomer on account, an (2) no interest hadbeen accrued on the note

Required information

Problem 8-5A Preparing a bank reconciliation and recordingadjustments LO P3

[The following information applies to the questionsdisplayed below.]

Chavez Company most recently reconciled its bank statement andbook balances of cash on August 31 and it reported two checksoutstanding, No. 5888 for $1,026 and No. 5893 for $518. Thefollowing 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
19,500 9,768 11,581 21,313
CHECKS AND DEBITS DEPOSITS AND CREDITS
Date No. Amount Date Amount
09/03 5888 1,026 09/05 1,114
09/04 5902 714 09/12 2,257
09/07 5901 1,813 09/21 4,376
09/17 628 NSF 09/25 2,308
09/20 5905 926 09/30 14 IN
09/22 5903 406 09/30 1,512 CM
09/22 5904 2,118
09/28 5907 257
09/29 5909 1,880


From Chavez Company’s Accounting Records

Cash Receipts Deposited
Date Cash
Debit
Sept. 5 1,114
12 2,257
21 4,376
25 2,308
30 1,729
11,784
Cash Disbursements
Check No. Cash
Credit
5901 1,813
5902 714
5903 406
5904 2,079
5905 926
5906 1,042
5907 257
5908 390
5909 1,880
9,507
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
Aug. 31 Balance 17,956
Sept. 30 Total receipts R12 11,784 29,740
30 Total disbursements D23 9,507 20,233


Additional Information
Check No. 5904 is correctly drawn for $2,118 to pay for computerequipment; however, the recordkeeper misread the amount and enteredit in the accounting records with a debit to Computer Equipment anda credit to Cash of $2,079. The NSF check shown in the statementwas originally received from a customer, S. Nilson, in payment ofher account. Its return has not yet been recorded by the company.The credit memorandum is from the collection of a $1,530 note forChavez Company by the bank. The bank deducted a $18 collection fee.The collection and fee are not yet recorded.

Journal Entry Worksheet

Record the entry related to the September 30 deposit, ifrequired.

Record the entry related to interest earned, if required.

Record the entry related to the note receivable and thecollection fee, if required.

Record the entry related to the outstanding checks, ifrequired.

Record the entry related to the NSF check, if required.

Record the entry related to the error on check 5904, ifrequired.

Date General Journal Debit Credit
Sept 30

*Enter debits before credits

Journal Entry Worksheet

Record the entry related to the September 30 deposit, ifrequired.

Record the entry related to interest earned, if required.

Record the entry related to the note receivable and thecollection fee, if required.

Record the entry related to the outstanding checks, ifrequired.

Record the entry related to the NSF check, if required.

Record the entry related to the error on check 5904, ifrequired.

Date General Journal Debit Credit
Sept 30

*Enter debits before credits

Journal Entry Worksheet

Record the entry related to the September 30 deposit, ifrequired.

Record the entry related to interest earned, if required.

Record the entry related to the note receivable and thecollection fee, if required.

Record the entry related to the outstanding checks, ifrequired.

Record the entry related to the NSF check, if required.

Record the entry related to the error on check 5904, ifrequired.

Date General Journal Debit Credit
Sept 30

*Enter debits before credits

Journal Entry Worksheet

Record the entry related to the September 30 deposit, ifrequired.

Record the entry related to interest earned, if required.

Record the entry related to the note receivable and thecollection fee, if required.

Record the entry related to the outstanding checks, ifrequired.

Record the entry related to the NSF check, if required.

Record the entry related to the error on check 5904, ifrequired.

Date General Journal Debit Credit
Sept 30

*Enter debits before credits

Journal Entry Worksheet

Record the entry related to the September 30 deposit, ifrequired.

Record the entry related to interest earned, if required.

Record the entry related to the note receivable and thecollection fee, if required.

Record the entry related to the outstanding checks, ifrequired.

Record the entry related to the NSF check, if required.

Record the entry related to the error on check 5904, ifrequired.

Date General Journal Debit Credit
Sept 30

*Enter debits before credits

Journal Entry Worksheet

Record the entry related to the September 30 deposit, ifrequired.

Record the entry related to interest earned, if required.

Record the entry related to the note receivable and thecollection fee, if required.

Record the entry related to the outstanding checks, ifrequired.

Record the entry related to the NSF check, if required.

Record the entry related to the error on check 5904, ifrequired.

Date General Journal Debit Credit
Sept 30

*Enter debits before credits

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 $1,065 and No. 5893 for $519. 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
20,000 9,775 11,705 21,930
CHECKS AND DEBITS DEPOSITS AND CREDITS
Date No. Amount Date Amount
09/03 5888 1,065 09/05 1,168
09/04 5902 703 09/12 2,263
09/07 5901 1,843 09/21 4,367
09/17 644 NSF 09/25 2,382
09/20 5905 917 09/30 21 IN
09/22 5903 377 09/30 1,504 CM
09/22 5904 2,133
09/28 5907 222
09/29 5909 1,871


From Chavez Company’s Accounting Records

Cash Receipts Deposited
Date Cash
Debit
Sept. 5 1,168
12 2,263
21 4,367
25 2,382
30 1,713
11,893
Cash Disbursements
Check No. Cash
Credit
5901 1,843
5902 703
5903 377
5904 2,091
5905 917
5906 966
5907 222
5908 405
5909 1,871
9,395
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
Aug. 31 Balance 18,416
Sept. 30 Total receipts R12 11,893 30,309
30 Total disbursements D23 9,395 20,914


Additional Information
Check No. 5904 is correctly drawn for $2,133 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 $2,091. 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 $1,520 note for Chavez Company by the bank. The bank deducted a $16 collection fee. The collection and fee are not yet recorded.

2. Prepare the journal entries to adjust the book balance of cash to the reconciled balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)