Business
AccountingFinancial & Managerial AccountingBank 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
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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Financial & Managerial Accounting
13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
BuyFindarrow_forward
Financial & Managerial Accounting
13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
Solutions
Chapter
Section
Chapter 7, Problem 7.22EX
Textbook Problem
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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Chapter 7 Solutions
Financial & Managerial Accounting
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