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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

BuyFind

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
BuyFind

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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