Wright Company deposits all cash receipts on the day when they are received and it makes all cash pay- ments by check. At the close of business on May 31, 2015, its Cash account shows a $27,500 debit bal- ance. The company's May 31 bank statement shows $25,800 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. a. The May 31 bank statement included a $100 debit memorandum for bank services; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $5,600. c. May 31 cash receipts of $6,200 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn against Wright's account. e. A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet recorded this NSF check.
Wright Company deposits all cash receipts on the day when they are received and it makes all cash pay- ments by check. At the close of business on May 31, 2015, its Cash account shows a $27,500 debit bal- ance. The company's May 31 bank statement shows $25,800 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. a. The May 31 bank statement included a $100 debit memorandum for bank services; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $5,600. c. May 31 cash receipts of $6,200 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn against Wright's account. e. A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet recorded this NSF check.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Help please, thank you.
![Wright Company deposits all cash receipts on the day when they are received and it makes all cash pay- Exercise 8-11
ments by check. At the close of business on May 31, 2015, its Čash account shows a $27,500 debit bal- Bank reconciliation
ance. The company's May 31 bank statement shows $25,800 on deposit in the bank. Prepare a bank p3
reconciliation for the company using the following information.
a. The May 31 bank statement included a $100 debit memorandum for bank services; the company has
not yet recorded the cost of these services.
b. Outstanding checks as of May 31 total $5,600.
c. May 31 cash receipts of $6,200 were placed in the bank's night depository after banking hours and
were not recorded on the May 31 bank statement.
d. In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn
against Wright's account.
e. A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet Check Recorcled bal.,
recorded this NSF check.
$26,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c1cf491-07a1-40a8-a7b1-c8eb30d5362c%2F8b6395fd-dd07-432e-a991-902da3c2bcfe%2Fsk8ivvb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Wright Company deposits all cash receipts on the day when they are received and it makes all cash pay- Exercise 8-11
ments by check. At the close of business on May 31, 2015, its Čash account shows a $27,500 debit bal- Bank reconciliation
ance. The company's May 31 bank statement shows $25,800 on deposit in the bank. Prepare a bank p3
reconciliation for the company using the following information.
a. The May 31 bank statement included a $100 debit memorandum for bank services; the company has
not yet recorded the cost of these services.
b. Outstanding checks as of May 31 total $5,600.
c. May 31 cash receipts of $6,200 were placed in the bank's night depository after banking hours and
were not recorded on the May 31 bank statement.
d. In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn
against Wright's account.
e. A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet Check Recorcled bal.,
recorded this NSF check.
$26,800
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education