Identify the errors in the following bank reconciliation: DAKOTA CO. Bank Reconciliation For the Month Ended June
Question:
Identify the errors in the following bank reconciliation:
Transcribed Image Text:
DAKOTA CO. Bank Reconciliation For the Month Ended June 30, 20Y3 Cash balance according to bank statement Add outstanding checks: $22,900 No. 7715 7760 7764 7765 $1,450 915 1,850 775 4,990 $27,890 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: $21,690 $15,625 Principal Interest $6,000 360 $6,360 30 Service charges 6,390 $22,015 2.700 B2 $18,770 Deduct: Check returned because of insuffici t funds 545 Error in recording June 20 deposit of $5,200 as $2,500 Adjusted balance
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 42% (14 reviews)
1 The heading should be for June 30 20Y3 and not For the Month Ended June 30 20Y3 2 The outstanding ...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Identify the errors in the following bank reconciliation: Alma Co. Mank Reconciliation For the Manth Ended November 30, 2012 Cash balance according to bank statement. Add outstanding checks No. 915.....
-
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 Add outstanding checks: $16,185 No....
-
Identify the errors in the following bank reconciliation: Poway Co. Bank Reconciliation For the Month Ended June 30, 2014 Cash balance according to bank statement...... Add outstanding checks:...
-
Explain why some conditions on the market are regarded as anomalies and explain how that affects factor investing.
-
Would a company be liable if its employees download copyrighted software or sent libelous e-mails? Would cyberspace guidelines reduce a companys liability?
-
The strength of the linear relationship between two quantitative variables is determined by the value of a. r b. a c. x d. s est
-
How can managers apply CVP analysis to a company producing multiple products?
-
Prepare a comprehensive report for Mario in which you outline and analyze the possible revenue models that ASIB might use for its Web site. You should address the two journals as separate issues....
-
Using simplex method, solve the following Linear Programming problem and interpret the solutions Maximize II 2x, +12x2 +8x3 Subject to the constraints 2x+2x+x, 100, x-2x+5x, 80 10x, +5x+4x, 300, xxx...
-
An action such as Go(Sibiu) really consists of a long sequence of finer-grained actions: turn on the car, release the brake, accelerate forward, etc. Having composite actions of this kind reduces the...
-
An accounting clerk for Westwind Co. prepared the following bank reconciliation: a. From the bank reconciliation data, prepare a new bank reconciliation for Westwind Co., using the format shown in...
-
Pala Co. records all cash receipts on the basis of its cash register tapes. Pala Co. discovered during April 20Y1 that one of its sales clerks had stolen an undetermined amount of cash receipts when...
-
For each of the five data sets described, answer the following three questions and then use Figure 2.2 ( on this page) to select an appropriate graphical display. Question 1: How many variables are...
-
A book is pushed to a speed of 2.54m/s.it then slows to 1.00 m/s due to friction from a table top.The book travels a distance of 4.12m. How long does it take for the book to travel that distance?
-
Find the angle between two equal forces of magnitude P, when their resultant is 1.5P. What will be the maximum value of resultant?
-
You are a junior analyst at New Guy Financial Management. The Head Analyst is doing an analysis for a potential client and explaining the value of diversificat and has asked you to look at the...
-
Add (9.9 10 s) + (9.1 x 104 s) + (0.009 106 s). Your answer should be expressed using the appropriate number of significant figures. View Available Hint(s) Hint 1. How to approach the problem Before...
-
Analogic change refers to a tendency to generalize the rules of language, a major cause of language change. We mentioned two instances, the general- ization of the plural rule (cow/kine becoming...
-
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares...
-
Find the radius of convergence in two ways: (a) Directly by the CauchyHadamard formula in Sec. 15.2. (b) From a series of simpler terms by using Theorem 3 or Theorem 4.
-
Indicate which of the following accounts would be included in the chart of accounts of a merchandising company using either the (a) Periodic inventory system or (b) Perpetual inventory system. If the...
-
Complete the following table by indicating for (a) through (g) whether the proper answer is debit orcredit. Normal Balance Account Increase debit Decrease ( credit (a) Purchases Discounts Purchases...
-
Complete the following table by indicating for (a) through (g) whether the proper answer is debit orcredit. Normal Balance Account Increase debit Decrease ( credit (a) Purchases Discounts Purchases...
-
Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid...
-
The function P(x)=0.35x-73 models the relationship between th e number of pretzels x that a certain vendor sells and the profit the vendor makes. Find P(1,000), the profit the vendor makes from...
-
Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. The company has a standard paraglider model, but also makes custom-designed paragliders. Management...
Study smarter with the SolutionInn App