The following bank reconciliation was prepared as of June 30, 2017: Poway Co. Bank Reconciliation For the Month Ended June 30, 2017 Cash balance according to bank statement Add: Outstanding Check No. 1067 Outstanding Check No. 1106 Outstanding Check No. 1110 Outstanding Check No. 1113 Total additions Deduct: Degosit of June 30 not recorded by bank Adjusted balance Cash balance according to company's records Add: Proceeds of note collected by bank: Face value Proceeds of note collected by bank: Interest Service charges Total additions Deduct: Check returned because of insufficient funds a. Error in recording June 17 deposit of $6,250 as $2,650 Total deductions Adjusted balance Identify the errors in the following bank reconciliation: Item Heading Outstanding checks Deposit of June 30 Service charges Error in June 17 deposit Adjusted balance per the bank b. Prepare a corrected bank reconciliation. Poway Co. Bank Reconciliation June 30, 20Y7 Line Item Description Cash balance according to bank statement Total deductions Adjusted balance Cash balance according to company's records Total additions Total deductions Adjusted balance $595 480 1,070 930 $7,000 350 10 Amount $860 3,600 Correct $16,035 3,075 (6,800) $12,310 19,680 7,360 (4,460) $12,580 Amount QO 000 0 00 QO 8
The following bank reconciliation was prepared as of June 30, 2017: Poway Co. Bank Reconciliation For the Month Ended June 30, 2017 Cash balance according to bank statement Add: Outstanding Check No. 1067 Outstanding Check No. 1106 Outstanding Check No. 1110 Outstanding Check No. 1113 Total additions Deduct: Degosit of June 30 not recorded by bank Adjusted balance Cash balance according to company's records Add: Proceeds of note collected by bank: Face value Proceeds of note collected by bank: Interest Service charges Total additions Deduct: Check returned because of insufficient funds a. Error in recording June 17 deposit of $6,250 as $2,650 Total deductions Adjusted balance Identify the errors in the following bank reconciliation: Item Heading Outstanding checks Deposit of June 30 Service charges Error in June 17 deposit Adjusted balance per the bank b. Prepare a corrected bank reconciliation. Poway Co. Bank Reconciliation June 30, 20Y7 Line Item Description Cash balance according to bank statement Total deductions Adjusted balance Cash balance according to company's records Total additions Total deductions Adjusted balance $595 480 1,070 930 $7,000 350 10 Amount $860 3,600 Correct $16,035 3,075 (6,800) $12,310 19,680 7,360 (4,460) $12,580 Amount QO 000 0 00 QO 8
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 19E
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