Question: Identify the errors in the following bankreconciliation: RAKESTRAW CO. Bank Reconciliation For the Month Ended April 30, 2010 Cash balance according to bank statement Add

Identify the errors in the following bankreconciliation:

RAKESTRAW CO. Bank Reconciliation For the Month Ended April 30, 2010 Cash balance according to bank statement Add outstanding checks: $11,320 $ 450 No. 315 360 615 364 850 365 775 2,690 $14,010 3,330 Deduct deposit of April 30, not recorded by bank Adjusted balance $10,680 $ 7,003 Cash balance according to company's records Add: Proceeds of note collected by bank: Principal $4,000 Interest 120 $4,120 Service charges 18 4,138 $11,141 $ 945 Deduct: Check returned because of insufficient funds Error in recording April 20 deposit of $5,300 as $3,500 1,800 2,745 $ 8,396 Adjusted balance

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