Bank reconciliation
Identify the errors in the following bank reconciliation;
Poway Co Bank Reconciliation For the Month Ended June 30, 2016 | |||
Cash balance according to bank statement | $16,185 | ||
Add outstanding checks: | |||
No 1067 | $ 575 | ||
1106 | 470 | ||
1110 | 1,050 | ||
1113 | 910 | 3,005 | |
$19,190 | |||
Deduct deposit of June 30 not recorded by bank | 6,600 | ||
Adjusted balance | $12,590 | ||
Cash balance according to company's records | $ 8,985 | ||
Add: Proceeds of note collected by bank: Principal | $6,000 | ||
Interest | 300 | $6,300 | |
Service charges | 15 | 6,315 | |
$15,300 | |||
Deduct: Check returned because of insufficient funds | $ 890 | ||
Error in recording June 17 deposit of $7,1 50 as $1,750 | $,400 | 6,290 | |
Adjusted balance | $ 9,010 |
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