The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the
Question:
Poway Co.
Bank Reconciliation
For the Month Ended June 30
a. Identify the errors in the following bank reconciliation:
b. Prepare a new bank reconciliation for Poway Co., using the format shown in the illustrative problem?
Transcribed Image Text:
Cash balance according to bank statement... Add outstanding checks: $16,185 575 470 1,050 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: 910 3,005 $19,190 6,600 12,590 8,985 Principa.. 6,000 300 $6,300 Service charges 15 6,315 $15,300 Deduct: Check returned because of insufficient funds................ 890 Error in recording June 17 deposit of $7,150 as $1,750 5,400 6,290 9,010 Adjusted balance...
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a 1 The heading should be June 30 and not For the Month Ended June 30 2 The outstanding checks shoul...View the full answer
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Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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