The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the
Question:
Poway Co.
Bank Reconciliation
For the Month Ended June 30
a. Identify the errors in the following bank reconciliation:
b. Prepare a new bank reconciliation for Poway Co., using the format shown in the illustrative problem?
Transcribed Image Text:
Cash balance according to bank statement... Add outstanding checks: $16,185 575 470 1,050 Deduct deposit of June 30, not recorded by bank Adjusted balance... Cash balance according to company's records Add: Proceeds of note collected by bank: 910 3,005 $19,190 6,600 12,590 8,985 Principa.. 6,000 300 $6,300 Service charges 15 6,315 $15,300 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 Adjusted balance...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (9 reviews)
a 1 The heading should be June 30 and not For the Month Ended June 30 2 The outstanding checks shoul...View the full answer
Answered By
Ashish Jaiswal
I have completed B.Sc in mathematics and Master in Computer Science.
4.90+
20+ Reviews
39+ Question Solved
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Cost Accounting questions
-
The following bank reconciliation was prepared as of June 30, 20Y7: A. Identify the errors in the bank reconciliation. B. Prepare a corrected bank reconciliation. Poway Co. Bank Reconciliation For...
-
The following information is available to reconcile Clark Companys book balance of cash with its bank statement cash balance as of July 31, 2011. a. On July 31, the companys Cash account has a...
-
The following information is available to reconcile Hamilton Companys book balance of cash with its bank statement cash balance as of July 31, 2011. a. On July 31, the companys Cash account has a...
-
Build Right Supply, Co., shows the following financial statement data for 2014, 2015, and 2016. Prior to issuing the 2016 statements, auditors found the ending inventory for 2014 was understated by...
-
Under what circumstances would a static budget be appropriate? Discuss.
-
Solve Problem 2.3 using trigonometry Problem 2.3: Two forces P and Q are applied as shown at point A of a hook support. Knowing that P = 15 lb and Q = 25 lb, determine graphically the magnitude and...
-
Cameron Oil Company operates Leases X and Y. Cameron Oil transfers 50 barrels of oil from Lease X to Lease Y to be used as fuel on Lease Y. The current spot oil price is $66/bbl and the severance tax...
-
Richmond Company engaged in the following transactions during 2011: a. Purchased $16,000 of supplies from ABC Supplies on February 16. Amount due in full on March 31. b. Paid for 25 percent of the...
-
Vraag 2/Question 2 In Tabel 1 word kinetiese data vir die ensiem lipase gegee, met 4-nitrofenielpalmitiensuur as substraat. Dit is bekend dat verskeie -laktone hierdie ensiem inhibeer, en in hierdie...
-
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore 179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table2,and Table...
-
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 a. From the data in this bank reconciliation, prepare a new bank...
-
Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $750. b. The amount of cash in the petty cash fund is now $176. Check is issued to replenish the...
-
An urn contains five balls numbered 1 to 5. Two balls are drawn simultaneously. (a) Let X be the larger of the two numbers drawn. Find pX (k). (b) Let V be the sum of the two numbers drawn. Find pV...
-
John Dover had just completed an intensive course, "Statistical Thinking for Continuous Improvement," that was offered to all employees of a large health maintenance organization (HMO). There was no...
-
What are the major technological trends materially influencing the provision of financial services? How is the competitive landscape shaping adoption of these new technologies around the globe? How...
-
per yr III. Asset historical cost is $ 25,500. Salvage is 5,000. Useful life is 3 years. Asset was purchased on January 1, 2023. Using the Double Declining Balance method, calculate the following:...
-
a) With the aid of an appropriate diagram, show the relation between shear stress and the velocity gradient du/dx for: i) water; [2 marks] ii) non-drip paints (shear thickening). [2 marks] b)...
-
E8.2 Compute the theoretical ACF of the following processes: (i) v[k] e[k] + 0.8e[k - 1] + 0.15e[k - 2] (ii) v[k] = 0.95v[k 1] + e[k] (iii) v[k] = 0.4v[k 1] + e[k] +0.6e[k - 2] (iv) v[k] = -0.7v[k -...
-
Which of these events will not be recognized? A. A service is performed, but the payment is not collected on the same day. B. Supplies are purchased. They are not paid for; the company will be...
-
Describe the Operations (+,,*,/) that can cause negligible addition (NA), error magnification (EM), or subtractive cancellation (SC) in calculating ?((x^2)+1) - x . Give the range of where they might...
-
A net present value analysis used to evaluate a proposed equipment acquisition indicated a $7,900 net present value . What is the meaning of the $7,900 as it relates to the desirability of the...
-
A net present value analysis used to evaluate a proposed equipment acquisition indicated a $7,900 net present value . What is the meaning of the $7,900 as it relates to the desirability of the...
-
A net present value analysis used to evaluate a proposed equipment acquisition indicated a $7,900 net present value . What is the meaning of the $7,900 as it relates to the desirability of the...
-
In evaluating the financial performance of a business that is for sale, the potential new owner should compare financial ratios to: Multiple Choice their business plan. their largest competitor....
-
The following day you receive a $600 cash payment for a two week (14 days) rental period, starting the 8th of February 2022. This payment is received from Paul Stone, 2 Watchtower Way, Torquay. There...
-
Gastow Pumps is a manufacturer of commercial and heavy industrial Pumps. The firm's two product lines are called Directlift and Gravity. The primary raw materials are flexible steel sheets, and 23cm...
Study smarter with the SolutionInn App