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Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 470 No. 1067.... 1106.. 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: Principal.. 6,600 $12,590 5 8,985 $6,000 300 $6,300 Interest... Service charges 15 $15,300 6,315 Deduct: Check returned because of insufficient funds. $ 890 5400 ... Error in recording June 17 deposit of $7,150 as $1,750 6,290 $ 9010 Adjusted balance.

Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 470 No. 1067.... 1106.. 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: Principal.. 6,600 $12,590 5 8,985 $6,000 300 $6,300 Interest... Service charges 15 $15,300 6,315 Deduct: Check returned because of insufficient funds. $ 890 5400 ... Error in recording June 17 deposit of $7,150 as $1,750 6,290 $ 9010 Adjusted balance.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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Question

The following June 30 bank reconciliation was prepared for Poway Co.

                   

a. Identify the errors in the following bank reconciliation:

b. Prepare a new bank reconciliation for Poway , using the format shown in the illustrative problem.

Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 470 No. 1067.... 1106.. 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: Principal.. 6,600 $12,590 5 8,985 $6,000 300 $6,300 Interest... Service charges 15 $15,300 6,315 Deduct: Check returned because of insufficient funds. $ 890 5400 ... Error in recording June 17 deposit of $7,150 as $1,750 6,290 $ 9010 Adjusted balance.
Transcribed Image Text:Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 470 No. 1067.... 1106.. 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: Principal.. 6,600 $12,590 5 8,985 $6,000 300 $6,300 Interest... Service charges 15 $15,300 6,315 Deduct: Check returned because of insufficient funds. $ 890 5400 ... Error in recording June 17 deposit of $7,150 as $1,750 6,290 $ 9010 Adjusted balance.
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