=+EX 8-21 Bank reconciliation obj. 5

✔ Adjusted balance:

$11,740 3. Check for $500 incorrectly charged by bank as $5,000.

4. Check of a customer returned by bank to company because of insufficient funds,

$3,000.

5. Deposit in transit, $15,500.

6. Outstanding checks, $9,600.

7. Note collected by bank, $10,000.

Chapter 8 Sarbanes-Oxley, Internal Control, and Cash 385 Identify the errors in the following bank reconciliation:

Rakestraw Co.