Wright Company's Cash account shows a $27,500 debit balance and its bank statement shows $25,800 on deposit at the close of business on May 31. Prepare its bank reconciliation using the following information. a. The May 31 bank statement lists $100 in bank service charges; 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
Wright Company's Cash account shows a $27,500 debit balance and its bank statement shows $25,800 on deposit at the close of business on May 31. Prepare its bank reconciliation using the following information. a. The May 31 bank statement lists $100 in bank service charges; 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1.
![Wright Company's Cash account shows a $27,500 debit balance and its bank statement shows $25,800 on
deposit at the close of business on May 31. Prepare its bank reconciliation using the following information.
a. The May 31 bank statement lists $100 in bank service charges; 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. The bank statement shows a $600 NSF check from a customer; the company has not yet recorded this
NSF check.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff989e558-2ec9-488f-bc64-2d84f3081bb9%2F57066d8e-eb6f-4b83-ad84-df2db00b50b9%2F9wowcz7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Wright Company's Cash account shows a $27,500 debit balance and its bank statement shows $25,800 on
deposit at the close of business on May 31. Prepare its bank reconciliation using the following information.
a. The May 31 bank statement lists $100 in bank service charges; 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. The bank statement shows a $600 NSF check from a customer; the company has not yet recorded this
NSF check.
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