I need the solution for this one Wright Company's cash account shows a $28,500 debit balance and its bank statement shows $26,800 on deposit at the close ofbusiness on May 31.a. The May 31 bank statement lists $150 in bank service charges; the company has not yet recorded the cost of these services.b. Outstanding checks as of May 31 total $6.100.C. May 31 cash receipts of $6.700 were placed in the bank's night depository after bankıng hours and were not recorded on the May31 bank statement.d. In reviewing the bank statement, a $450 check written by Smith Company was mistakenly drawn agalnst Wright's account.e. The bank statement shows a $500 NSF check from a customer, the company has not yet recorded this NSF check.Prepare Its bank reconciliation using the above Information.WRIGHT COMPANYBank ReconciliationMay 31Bank statement balanceBook balanceAdd:Add:Deduct:Deduct:Adjusted bank balanceAdjusted book balance

Bank reconciliation shows the reason for the difference between the balance as per book and balance…

Wright Company's cash account shows a $28,500 debit balance and Its bank statement shows $26,800 on deposit at the close of business on May 31. a. The May 31 bank statement lists $150 In bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6100. C. May 31 cash recelpts of $6,700 were placed in the bank's night depository after banking hours and were not recorded on the Ma 31 bank statement. d. In reviewing the bank statement, a $450 check written by Smith Company was mistakenly drawn agalnst Wrght's account. e. The bank statement shows a $500 NSF check from a customer; the company has not yet recorded this NSF check. Prepare Its bank reconcilaton using the above Information. WRIGHT COMPANY Bank Reconciliation May 31 Bank statement balanoe Add: Book balance Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance

Wright Company's cash account shows a $28,500 debit balance and Its bank statement shows $26,800 on deposit at the close of business on May 31. a. The May 31 bank statement lists $150 In bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6100. C. May 31 cash recelpts of $6,700 were placed in the bank's night depository after banking hours and were not recorded on the Ma 31 bank statement. d. In reviewing the bank statement, a $450 check written by Smith Company was mistakenly drawn agalnst Wrght's account. e. The bank statement shows a $500 NSF check from a customer; the company has not yet recorded this NSF check. Prepare Its bank reconcilaton using the above Information. WRIGHT COMPANY Bank Reconciliation May 31 Bank statement balanoe Add: Book balance Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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