Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 470 No. 1067.... 1106.. 1110.. 1,050 1113. 910 3,005 $19,190 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: Principal.. 6,600 $12,590 5 8,985 $6,000 300 $6,300 Interest... Service charges 15 $15,300 6,315 Deduct: Check returned because of insufficient funds. $ 890 5400 ... Error in recording June 17 deposit of $7,150 as $1,750 6,290 $ 9010 Adjusted balance.
Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 470 No. 1067.... 1106.. 1110.. 1,050 1113. 910 3,005 $19,190 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: Principal.. 6,600 $12,590 5 8,985 $6,000 300 $6,300 Interest... Service charges 15 $15,300 6,315 Deduct: Check returned because of insufficient funds. $ 890 5400 ... Error in recording June 17 deposit of $7,150 as $1,750 6,290 $ 9010 Adjusted balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following June 30 bank reconciliation was prepared for Poway Co.
a. Identify the errors in the following bank reconciliation:
b. Prepare a new bank reconciliation for Poway , using the format shown in the illustrative problem.

Transcribed Image Text:Poway Co.
Bank Reconciliation
For the Month Ended June 30
Cash balance according to bank statement...
Add outstanding checks:
$16,185
$ 575
470
No. 1067....
1106..
1110..
1,050
1113.
910
3,005
$19,190
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:
Principal..
6,600
$12,590
5 8,985
$6,000
300 $6,300
Interest...
Service charges
15
$15,300
6,315
Deduct: Check returned because of insufficient funds.
$ 890
5400
...
Error in recording June 17 deposit of $7,150 as $1,750
6,290
$ 9010
Adjusted balance.
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