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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A check for $2,560 to pay a vendor on account was recorded in the firm's records as $2,650; the canceled check was properly listed on the bank statement at $2,560. To arrive at an accurate balance on a bank reconciliation statement:
7
Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. EFT transfer to a supplier. 2. Bank service charge. 3. Check printing charge. 4. Error recording check #214 which was written for $450 but recorded for $540. 5. Collection of note and interest by bank on company's behalf.
Please answer the following 2 questions. Thank you
Ten items that may or may not be involved in the bank reconciliation process for April are listed in the table shown below:Complete the table shown below, identifying where each item should be included on a bank reconciliation prepared for the month of April. Indicate whether the item should be added to, or deducted from, the bank or the books. If the item should not be included in the bank reconciliation, indicate “Not Applicable” in each of the bank and books column. In addition, if an item only affects the bank, insert Not Applicable in the books column. Likewise, if it only affects the books, insert Not Applicable in the bank column. Finally, indicate whether the item will require a journal entry on the company books by indicating “yes” or “no” in the last column. Item Bank Books AdjustingEntry Required 1. Deposits in transit at the end of April select an option Deduct from BankNot ApplicableAdd to…
If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the September 30 bank reconciliation, the company should: Multiple Choice Add the deposit to the bank statement balance. Skip the bank reconciliation this month. Add the deposit to the book balance of cash. Deduct the deposit from the bank statement balance. Deduct the deposit from the September 30 book balance and add it to the October 1 book balance.
4
On receiving the bank cutoff statement, the auditor should trace: a. Deposits in transit on the year-end bank reconciliation to deposits in the cash receipts journal. b. Checks dated prior to year end to the outstanding checks listed on the year-end bank reconciliation. c. Deposits listed on the cutoff statement to deposits in the cash receipts journal. d. Checks dated subsequent to year end to the outstanding checks listed on the year-end bank reconciliation.
Monty Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. Indicate how each would be reported on a bank reconciliation. (a) (b) (c) (d) (e) Deposit in transit $6,820. Bank service charges $42. Interest credited to Monty's account $47. Outstanding checks $9,194. NSF check returned $478.
Please help me . Thankyou.
If the company's accountant mistakenly recorded an $71 deposit as $111, the error would be shown on the bank reconciliation as a(n): Multiple Choice $40 addition to the book balance. $111 addition to the book balance. $40 deduction from the book balance. $111 deduction from the book balance.
Reconciliation Items per Bank - Deposits in Transit Question; What does it mean when it says to compare individual deposits on the bank statement with: 1) the deposits in transit from the preceding bank reconciliation. AND 2) the current month's deposits recorded in the company's books. Please explain e.g's would be helpful as well.