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 $6,100. c. May 31 cash receipts of $6,700 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 $450 check written by Smith Company was mistakenly drawn against 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. Bank statement balance. Add: Deduct: Adjusted bank balance WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add: Deduct: 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 $6,100. c. May 31 cash receipts of $6,700 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 $450 check written by Smith Company was mistakenly drawn against 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. Bank statement balance. Add: Deduct: Adjusted bank balance WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add: Deduct: Adjusted book balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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