The following June 30 bank reconciliation was prepared for Poway Co.Poway Co.Bank ReconciliationFor the Month Ended June 30Cash balance according to bank statement...Add outstanding checks:$16,185$ 575No. 1067....1106...4701110....1,0501113.9103,005$19,190Deduct deposit of June 30, not recorded by bank..Adjusted balance....Cash balance according to company's records .Add: Proceeds of note collected by bank:6,600$12,590$ 8,985Principal......$6,000$6,300300Interest...Service charges156,315$15,300Deduct: Check returned because of insufficient funds.....Error in recording June 17 deposit of $7,150 as $1,750$ 8905,4006,290$ 9,010Adjusted balance....a. Identify the errors in the following bank reconciliation:b. Prepare a new bank reconciliation for Poway Co., using the format shown in theillustrative problem.

Bank reconciliation statement is prepared by the company to match the cash balance shown by the bank…

Answered: The following June 30 bank…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bank Reconciliation The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement $16,185 Add outstanding checks: No. 1067 $575 1106 470 1110 1,050 1113 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank 6,600 Adjusted balance $12,590 Cash balance according to company’s records $8,985 Add: Proceeds of note collected by bank: Principal $6,000 Interest 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 Adjusted balance $ 9,010 a. Identify the errors in the above bank reconciliation. Item Correct Heading…
Stewart Recording Studio, owned by Ron Stewart, showed the following bank reconciliation at March 31: (In attachment named as bank reconciliation) A list of deposits made and cheques written during April, taken from the cash receipts journal and cash disbursements journal, is shown below: Deposits made April 7 ........................................ $690 13 .............................................. 4.600 18 .............................................. 5,900 23 ............................................... 13,900 27 ............................................... 1.750 30 .............................................. 44.600 Total April Cash Receipts ..... $71.440 Cheques Written No. 23 ............................................. $5.200 24 ............................................. 3.150 25 .............................................…
Bank Reconciliation The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement $16,185 Add outstanding checks: No. 1067 $575 1106 470 1110 1,050 1113 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank 6,600 Adjusted balance $12,590 Cash balance according to company’s records $8,985 Add: Proceeds of note collected by bank: Principal $6,000 Interest 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 Adjusted balance $ 9,010 a. Identify the errors in the above bank reconciliation. Item Correct Heading…
Prepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12,211.94c. Deposits in transit, $2,254.81d. Outstanding checks, $7,819.16e. Bank service charge, $20.85
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Thompson Company gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, October 31 $ 14,665 Note receivable collected by bank 5,712 Outstanding checks 10,125 Deposits in transit 5,910 Bank service charge 180 NSF check 1,500 Using the above information, determine the cash balance per books (before adjustments) for Thompson Company. Oa. $30,700 Ob. $10,450 Oc. $6,418 Od. $14,482
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $25,010. Cash balance according to the bank statement at July 31, $26,060. Checks outstanding, $5,080. Deposit in transit, not recorded by bank, $4,080. A check for $340 issued in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company, part (a) Error and part (b) Service Charge. If an amount box does not require an entry, leave it blank. a. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. July 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: a. Cash balance according to the company's records at August 31, $28,730. b. Cash balance according to the bank statement at August 31, $30,200. c. Checks outstanding, $5,830. d. Deposit in transit, not recorded by bank, $4,680. e. A check for $590 in payment of an account was eroneously recorded by Kaycee Sisters Inc. as $950. f. Bank debit memo for service charges, $40. Prepare a bank reconciliation, using the format shown in Exhibit 12. Kaycee Sisters Inc. Bank Reconciliation August 31, 20Y9 Cash balance according to bank statement Adjusted balance Cash balance according to Kaycee Sisters Inc. $ Adjusted balance
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Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $32,110. Cash balance according to the bank statement at July 31, $31,350. Checks outstanding, $2,870. Deposit in transit, not recorded by bank, $4,150. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $20. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge a. July 31 Cash Accounts Payable b. July 31 Miscellaneous Expense Cash
Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. а. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. С. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown on the bank statement. d. A bank debit memo issued for $18.50 for bank service charges. е. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but have not yet been received by the bank. f. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by the bank. g. After comparing the canceled checks to the bank statement, it was discovered that a check…
Using the following information: a. The bank statement balance is $4,265. b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was recorded as $28 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation Line Item Description May 31 Amount Amount Cash balance according to bank statement Adjusted balance Cash balance according to company's records Total deductions Adjusted balance

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