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
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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
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