Question

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, 2017, reconciliation.

From the September 30 Bank Statement

Answer 1

Answer:

Most of the information is missing, so I looked it up and attached it (it is a lot of information).

Bank reconciliation:

Bank balance September 30             $18,453.25

+ deposits in transit                               $1,682.75

- outstanding checks

• Check 5893 $494.25  
• Check 5906 $982.30  
• Check 5908 $388.00               ($1,864.55)

Reconciled bank account                    $18,271.45

Cash account reconciliation:

Book balance September 30, 2018   $17,404.20

+ Interests                                              $12.50  

+ Note collected                                         $1,500

- Bank fees for collection of note                  ($15)

- NSF check                                           ($600.25)

- Error in recording check 5904                  ($30)

Reconciled cash account                    $18,271.45

Answer 2

The adjusted bank balance and adjusted balance per book is $18271.45.

The bank reconciliation statement for Chavez company for the month ended September 30, 2017 will be calculated thus:

• Balance per book = $18453.25
• Add: Deposit in transit = $1682.75
• Total = $20136.00

• Less: Outstanding checks
• 5893 = $494.25
• 5906 = $982.30
• 5908 = $388.00
• Total = $1864.55
• Adjusted bank balance = $20136.00 - $1864.55 = $18271.45

• Balance per book = $17404.20
• Add: Interest earned = $12.50
• Add: Proceeds not less than $15 = $1485.00
• Total = $18901.70

• Less: NSF Check = $600.25
• Error in recording the check 5904 = $30.00
• Total = $630.25

Adjusted balance per book = $18901.70 - $630.25 = $18271.45

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