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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Bank reconciliation

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

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  1. a. Identify the errors in the following bank reconciliation:
  2. b. Prepare a new bank re conciliation for Poway Co., using the format shown in the illustrative problem.

(a)

To determine

Identify the errors in the bank reconciliation.

Explanation
  1. 1. The heading should be entered as “June 30” and must not be entered as “For the Month Ended June 30”.
  2. 2. Checks outstanding is deducted from the bank balance.
  3. 3. Errors in recording the deposit of $7,150 made on June 17 are $1,750 and thus, amount is added to the balance as per company’s records...

(b)

To determine

Prepare new bank reconciliation for Company P.

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