Identify the errors in the following bank reconciliation: Poway Co. Bank Reconciliation For the Month Ended June
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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: $6,000 300 $6,300 15 6,315 $15,300 Service charges. 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
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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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Accounting
ISBN: 978-1133607601
25th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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