Identify the errors in the following bank reconciliation: Poway Co. Bank Reconciliation For the Month Ended June
Question:
Transcribed Image Text:
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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
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
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-1133607601
25th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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 bankreconciliation: RAKESTRAW CO. Bank Reconciliation For the Month Ended April 30, 2010 Cash balance according to bank statement Add outstanding checks: $11,320...
-
Given the following table of assets held at death, how much is the probate estate worth? Asset Value (millions) Notes Investments $7 Retirement Account $6 Named Beneficiary Residence $4 Joint Tenancy...
-
How will entry into a developed foreign market differ from entry into a relatively untapped market?
-
In a small stock dividend, a. Common stock is debited for the par value of the shares issued. b. Retained Earnings is debited for the market value of the shares issued. c. Paid-In Capital in Excess...
-
Refer to the data in Exercise 13-15. Compute the following financial ratios for the year 2009: Data From Exercise 13-15 Comparative financial statements for the Rahul Corporation for the year ended...
-
(Securities and Exchange Commission) The U.S. Securities and Exchange Commission (SEC) was created in 1934 and consists of five commissioners and a large professional staff. The SEC professional...
-
How do you find the PVF % of NPV from following problem? Barngrover Inc. is considering a new investment whose data are shown below. The required equipment will be used for 3 years during the proje...
-
1 Introducing MPO Fentres Founded in 1970 in Alenon (Orne), the company MPO Fentres (Menuiserie Plastique de lOuest) was one of the first French companies in the PVC/carpentry sector to offer a...
-
Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an...
-
On March 1, 2014, Eric Keene and Abigail McKee form a partnership. Keene agrees to invest $21,100 in cash and merchandise inventory valued at $55,900. McKee invests certain business assets at...
-
(a) Determine the shape factor f for a hollow circular cross section having inner radius r1 and outer radius r2 (see figure). (b) If the section is very thin, what is the shape factor? 2
-
For the vectors shown below where v V2 3, suppose you wanted to determine the values of A and B that would make Av Bv = -23. What are the two equations you would use? You should use, for example,...
-
Interval International is an online travel service that books to resorts for Timeshare Owners. Owners have booked trips for decades, but changes in technology have transformed the travel business in...
-
Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash...
-
Kingsport Containers Company makes a single product with wide seasonal variations in demand. The company uses a job-order costing system and computes plantwide predetermined overhead rates on a...
-
The following is a recursive method designed to find the minimum value in a partially- full array containing at least one value. Complete the method by filling in the blanks. public static int...
-
Rotterdam Financial Services Pty Ltd, managed by Saphira Browne, provides accounting, taxation and financial planning services to clients residing in the inner Melbourne area. The balance sheet for...
-
Create an appropriate display of the navel data collected in Exercise 25 of Section 3.1. Discuss any special properties of this distribution. Exercise 25 The navel ratio is defined to be a persons...
-
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two...
-
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two...
-
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two...
-
The following LinkedHashTable class is a hash table implementation which utilizes separate chaining. It has had the bulk of the add and remove methods deleted, but with comments discussing how the...
-
Java blue pelican exercise 41 Than you so much!. 41-3 Exercise on Lesson 41 Fill in the blanks below, except the comment column. Only put a note in the comment column if there is an exception...
-
------For the Driver we use the one on the example----- --------This pages is the Driver we use for this assignment------ -------this is the example of how the game will works------ -------...
Study smarter with the SolutionInn App