EX 7-22 Bank reconciliation
Identify the errors in the following bank reconciliation:
| Poway Co. | |||
| 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 | ||
| Adjusted balance | |||
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