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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 20
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, 2015, reconciliation.
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, 2015, 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 explain this.
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, 2015, 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 explain this.
Explanation
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Bank Reconciliation statement Bank Recon...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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