Identify the errors in the following bankreconciliation: Poway CO. Bank Reconciliation For the Month Ended June 30,
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Identify the errors in the following bankreconciliation:
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Poway CO. Bank Reconciliation For the Month Ended June 30, 2014 Cash balance according to bank statement Add outstanding checks: $16,185 575 470 1,050 910 3,005 $19,190 6,600 $12,590 8,985 Deduct deposit of June 30, not recorded by bank...... . Cash balance according to company's records Add: Proceeds of note collected by bank: Principa. . . Interest.... vice Charges....-..--....--..-. $6,000 300 $6,300 15 6,315 $15,300 Deduct: Check returned because of insufficient funds.......... 890 Error in recording June 17 deposit of $7,150 as S1,750. 5400 6,290 9,010
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1 The heading should be June 30 2014 and not For the Month Ended June 30 2014 2 The outstanding chec...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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