Wright Company's cash account shows a $28,900 debit balance and its bank statement shows $27,200 on deposit at the close of business on May 31. a. The May 31 bank statement lists $170 in bank service charges, the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,300. c. May 31 cash receipts of $6,900 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 $470 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $460 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 WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add

Wright Company's cash account shows a $28,900 debit balance and its bank statement shows $27,200 on deposit at the close of business on May 31. a. The May 31 bank statement lists $170 in bank service charges, the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,300. c. May 31 cash receipts of $6,900 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 $470 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $460 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 WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The cash account for Norwegian Medical Co. at April 30 indicated a balance of $91,408. The bank statement indicated a balance of $126,590 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $33,700. b. A deposit of $18,900, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $22,042 on a $20,600 note, including interest of $1,442. d. A check for $1,600 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $160. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $680 had been erroneously charged by the bank as $860. f. Bank service charges for April amounted to $40. need bank reconciliation journal entry If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount…
On March 31, Sigment Company had a $44,547.60 checkbook balance. The bank statement showed a balance on that date of $46,574.10, and the following information on the bank statement had not been entered in the checkbook: $24.75 Service charge $68.85 NSF charge A review of the company’s bank statement and checkbook showed a deposit in transit of $3,919.44 and outstanding checks as follows: Number 234 for $281.34 Number 236 for $445.12 Number 237 for $2,901.60 Number 238 for $2,411.48 Prepare a bank reconciliation in proper format. List and total the outstanding checks at the bottom of the bank reconciliation.
Del Gato Clinic's cash account shows an $15,253 debit balance and its bank statement shows $14,055 on deposit at the close of business on June 30, a. Outstanding checks as of June 30 total $1,542. b. The June 30 bank statement lists a $15 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $589 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $598. d. The June 30 cash receipts of $2,734 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deposit of June 30 Deduct Outstanding checks Adjusted bank balance (1,542) $ $ DEL GATO CLINIC Bank Reconciliation June 30 14.055 Book balance Add: 0 14,055 Deduct: (1,542) 12.513 Adjusted book balance $ 15,253 $ 0 15,253 0 15,253
Required information [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $6,400 debit balance and its bank statement shows $5,790 on deposit at the close of business on August 31. a. August 31 cash receipts of $2,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $210 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $2,020. d. In reviewing the bank statement, an $170 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $110 in bank service charges; the company has not yet recorded the cost of these services. Prepare a bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance ORGANIC FOOD COMPANY Bank Reconciliation August 31 Book balance…
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $93,115. The bank statement indicated a balance of $125,800 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $30,080. b. A deposit of $19,240, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank collected $24,075 on a $2,500 note, including interest of $1,575. d. A check for $1,800 returned with the statement had been incorrectly recorded by Pala Medical Co. as $180. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $390 had been erroneously charged by the bank as $930. f. Bank service charges for June amounted to $50. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for…
Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…
Instructions The cash account for Norwegian Medical Co. at April 30 indicated a balance of $82,726. The bank statement indicated a balance of $128,040 on April 30. Comparing the bank statement and the accompa canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $34,090. A deposit of $18,430, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $31,779 on a $29,700 note, including interest of $2,079. A check for $1,900 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $190. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. A check drawn for $370 had been erroneously charged by the bank as $730. Bank service charges for April amounted to $55. Required Prepare a bank reconciliation. Be sure to complete the statement heading. Refer to the Labels and Amount…
Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…
The objectives of financial reporting include which of the following? a. Financial reporting should provide information ·a. that is comprehensibie to all potential investors. b. Financial reporting should provide information directly to potential investors about the nature, timing, and uncertainty of prospective cash dividends. c. Financial reporting should provide information that is useful to potential investors in making rational investment decisions. d. Financial reporting shouid provide information about an enterprise's economic resources bưt not about circumstances that change those resources.
See attached and help
Organic Foods Co's cash account shows a $5,500 debit balance and its bank statement shows $5,160 on deposit at close of business on August 31. Prepare a bank reconciliation using the following information. a) August 31 cash receipts of $1,240 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b) The bank statement shows a $120 NSF check from a customer; the company has not yet recorded this NSF check. c) Outstanding checks as of August 31 total $1,120. d) In reviewing the bank statement, an $80 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e) The August 31 bank statement lists $20 in bank service charges; the company has not yet recorded the cost of these services.
Accounting please answer asap? John Corporation's bank statement for April 30 showed an ending cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of April 30: • The bank deducted $125 for an NSF check from a customer deposited on April 15. • The April 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the April 30 bank statement. • A$15 debit memorandum (service charges) for checks printed by the bank was included with the canceled checks. • Outstanding checks amounted to $1,145. • Included with the bank statement was a credit memo in the amount of $875 for an EFT in payment of a customer's account. • Included with the canceled checks was a check for $275, drawn on the account of another company by error. Required: 1. Prepare a bank reconciliation as of April 30. 2. Prepare the journal entries for the…