Bank Reconciliation The following bank reconciliation was prepared as of June 30, 20Y7: Poway Co. Bank Reconciliation For the Month Ended June 30, 20Y7 Cash balance according to bank statement $16,185 Add: Outstanding Check No. 1067 $575 Outstanding Check No.1106 470 Outstanding Check No.1110 1,050 Outstanding Check No.1113 910 Total additions 3,005 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: Face value $6,000 Proceeds of note collected by bank: Interest 300 Service charges 15 Total additions 6,315 Deduct: Check returned because of insufficient funds $890 Error in recording June 17 deposit of $7,150 as $1,750 5,400 Total deductions (6,290) Adjusted balance $9,010 a. Identify the errors in the following bank reconciliation: Item Correct 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 Cash balance according to bank statement $ $ Total deductions Adjusted balance $ Cash balance according to company's records $ $ Total additions $ Total deductions Adjusted balance $