The following bank reconciliation was prepared as of June 30, 2017: Poway Co. Bank Reconciliation For the Month Ended June 30, 2017 Cash balance according to bank statement Add: Outstanding Check No. 1067 Outstanding Check No. 1106 Outstanding Check No. 1110 Outstanding Check No. 1113 Total additions Deduct: Degosit of June 30 not recorded by bank Adjusted balance Cash balance according to company's records Add: Proceeds of note collected by bank: Face value Proceeds of note collected by bank: Interest Service charges Total additions Deduct: Check returned because of insufficient funds a. Error in recording June 17 deposit of $6,250 as $2,650 Total deductions Adjusted balance Identify the errors in the following bank reconciliation: Item Heading Outstanding checks Deposit of June 30 Service charges Error in June 17 deposit Adjusted balance per the bank b. Prepare a corrected bank reconciliation. Poway Co. Bank Reconciliation June 30, 20Y7 Line Item Description Cash balance according to bank statement Total deductions Adjusted balance Cash balance according to company's records Total additions Total deductions Adjusted balance $595 480 1,070 930 $7,000 350 10 Amount $860 3,600 Correct $16,035 3,075 (6,800) $12,310 19,680 7,360 (4,460) $12,580 Amount QO 000 0 00 QO 8
The following bank reconciliation was prepared as of June 30, 2017: Poway Co. Bank Reconciliation For the Month Ended June 30, 2017 Cash balance according to bank statement Add: Outstanding Check No. 1067 Outstanding Check No. 1106 Outstanding Check No. 1110 Outstanding Check No. 1113 Total additions Deduct: Degosit of June 30 not recorded by bank Adjusted balance Cash balance according to company's records Add: Proceeds of note collected by bank: Face value Proceeds of note collected by bank: Interest Service charges Total additions Deduct: Check returned because of insufficient funds a. Error in recording June 17 deposit of $6,250 as $2,650 Total deductions Adjusted balance Identify the errors in the following bank reconciliation: Item Heading Outstanding checks Deposit of June 30 Service charges Error in June 17 deposit Adjusted balance per the bank b. Prepare a corrected bank reconciliation. Poway Co. Bank Reconciliation June 30, 20Y7 Line Item Description Cash balance according to bank statement Total deductions Adjusted balance Cash balance according to company's records Total additions Total deductions Adjusted balance $595 480 1,070 930 $7,000 350 10 Amount $860 3,600 Correct $16,035 3,075 (6,800) $12,310 19,680 7,360 (4,460) $12,580 Amount QO 000 0 00 QO 8
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please provide answer in text (Without image)
![Bank reconciliation
The following bank reconciliation was prepared as of June 30, 2017
Poway Co.
Bank Reconciliation
For the Month Ended June 30, 2017
Cash balance according to bank statement
Add: Outstanding Check No. 1067
Outstanding Check No. 1106
Outstanding Check No. 1110
Outstanding Check No. 1113
Total additions
Deduct: Degosit of June 30 not recorded by bank
Adjusted balance
Cash balance according to company's records
Add: Proceeds of note collected by bank: Face value
Proceeds of note collected by bank: Interest
Service charges
Total additions
Deduct: Check returned because of insufficient funds
Error in recording June 17 deposit of $6,250 as $2,650
Total deductions
Adjusted balance
Identify the errors in the following bank reconciliation:
Item
Heading
Outstanding checks
Deposit of June 30
Service charges
Error in June 17 deposit
Adjusted balance per the bank
b. Prepare a corrected bank reconciliation.
Poway Co.
Bank Reconciliation
June 30, 20Y7
Line Item Description
Cash balance according to bank statement
Total deductions
Adjusted balance
Cash balance according to company's records
]]]
Total additions
Total deductions
Adjusted balance
$595
480
1,070
930
$7,000
350
10
Amount
$860
3,600
Correct
$16,035
3,075
(6,800)
$12,310
19,680
7,360
(4,460)
$12,580
Q000
100 0000 00
QOQO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf183a81-fb95-4fe4-b783-954549fcf6f6%2F78724264-1ac8-4f97-b7f7-afc415b7f45d%2F7nyprta_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Bank reconciliation
The following bank reconciliation was prepared as of June 30, 2017
Poway Co.
Bank Reconciliation
For the Month Ended June 30, 2017
Cash balance according to bank statement
Add: Outstanding Check No. 1067
Outstanding Check No. 1106
Outstanding Check No. 1110
Outstanding Check No. 1113
Total additions
Deduct: Degosit of June 30 not recorded by bank
Adjusted balance
Cash balance according to company's records
Add: Proceeds of note collected by bank: Face value
Proceeds of note collected by bank: Interest
Service charges
Total additions
Deduct: Check returned because of insufficient funds
Error in recording June 17 deposit of $6,250 as $2,650
Total deductions
Adjusted balance
Identify the errors in the following bank reconciliation:
Item
Heading
Outstanding checks
Deposit of June 30
Service charges
Error in June 17 deposit
Adjusted balance per the bank
b. Prepare a corrected bank reconciliation.
Poway Co.
Bank Reconciliation
June 30, 20Y7
Line Item Description
Cash balance according to bank statement
Total deductions
Adjusted balance
Cash balance according to company's records
]]]
Total additions
Total deductions
Adjusted balance
$595
480
1,070
930
$7,000
350
10
Amount
$860
3,600
Correct
$16,035
3,075
(6,800)
$12,310
19,680
7,360
(4,460)
$12,580
Q000
100 0000 00
QOQO
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