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The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 No. 1067.... 1106... 470 1110.... 1,050 1113. 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank.. Adjusted balance.... Cash balance according to company's records . Add: Proceeds of note collected by bank: 6,600 $12,590 $ 8,985 Principal...... $6,000 $6,300 300 Interest... Service charges 15 6,315 $15,300 Deduct: Check returned because of insufficient funds..... Error in recording June 17 deposit of $7,150 as $1,750 $ 890 5,400 6,290 $ 9,010 Adjusted balance.... a. Identify the errors in the following bank reconciliation: b. Prepare a new bank reconciliation for Poway Co., using the format shown in the illustrative problem.

The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 No. 1067.... 1106... 470 1110.... 1,050 1113. 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank.. Adjusted balance.... Cash balance according to company's records . Add: Proceeds of note collected by bank: 6,600 $12,590 $ 8,985 Principal...... $6,000 $6,300 300 Interest... Service charges 15 6,315 $15,300 Deduct: Check returned because of insufficient funds..... Error in recording June 17 deposit of $7,150 as $1,750 $ 890 5,400 6,290 $ 9,010 Adjusted balance.... a. Identify the errors in the following bank reconciliation: b. Prepare a new bank reconciliation for Poway Co., using the format shown in the illustrative problem.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
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The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 No. 1067.... 1106... 470 1110.... 1,050 1113. 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank.. Adjusted balance.... Cash balance according to company's records . Add: Proceeds of note collected by bank: 6,600 $12,590 $ 8,985 Principal...... $6,000 $6,300 300 Interest... Service charges 15 6,315 $15,300 Deduct: Check returned because of insufficient funds..... Error in recording June 17 deposit of $7,150 as $1,750 $ 890 5,400 6,290 $ 9,010 Adjusted balance.... a. Identify the errors in the following bank reconciliation: b. Prepare a new bank reconciliation for Poway Co., using the format shown in the illustrative problem.
Transcribed Image Text:The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 No. 1067.... 1106... 470 1110.... 1,050 1113. 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank.. Adjusted balance.... Cash balance according to company's records . Add: Proceeds of note collected by bank: 6,600 $12,590 $ 8,985 Principal...... $6,000 $6,300 300 Interest... Service charges 15 6,315 $15,300 Deduct: Check returned because of insufficient funds..... Error in recording June 17 deposit of $7,150 as $1,750 $ 890 5,400 6,290 $ 9,010 Adjusted balance.... a. Identify the errors in the following bank reconciliation: b. Prepare a new bank reconciliation for Poway Co., using the format shown in the illustrative problem.
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