Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on deposit at the close of business on May 31. a. The May 31 bank statement lists $230 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,900. c. May 31 cash receipts of $7,500 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 $530 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $340 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on deposit at the close of business on May 31. a. The May 31 bank statement lists $230 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,900. c. May 31 cash receipts of $7,500 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 $530 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $340 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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 alt="Exercise 6-14 Bank reconciliation LO P3
Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on deposit at the close of
business on May 31.
a. The May 31 bank statement lists $230 in bank service charges; the company has not yet recorded the cost of these services.
b. Outstanding checks as of May 31 total $6,900.
c. May 31 cash receipts of $7,500 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 $530 check written by Smith Company was mistakenly drawn against Wright's account.
e. The bank statement shows a $340 NSF check from a customer; the company has not yet recorded this NSF check.
Prepare its bank reconciliation using the above information.
X Answer is not complete.
WRIGHT COMPANY
Bank Reconciliation
May 31
Book balance
Bank statement balance
Add:
Add:
Bank service charge
230 X
Outstanding checks
X $ 6,900 X
Deposit of May 31
7,500
340 X
8,070
6,900
NSF check
8,070
6,900
Deduct:
Deduct:
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Transcribed Image Text:Exercise 6-14 Bank reconciliation LO P3
Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on deposit at the close of
business on May 31.
a. The May 31 bank statement lists $230 in bank service charges; the company has not yet recorded the cost of these services.
b. Outstanding checks as of May 31 total $6,900.
c. May 31 cash receipts of $7,500 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 $530 check written by Smith Company was mistakenly drawn against Wright's account.
e. The bank statement shows a $340 NSF check from a customer; the company has not yet recorded this NSF check.
Prepare its bank reconciliation using the above information.
X Answer is not complete.
WRIGHT COMPANY
Bank Reconciliation
May 31
Book balance
Bank statement balance
Add:
Add:
Bank service charge
230 X
Outstanding checks
X $ 6,900 X
Deposit of May 31
7,500
340 X
8,070
6,900
NSF check
8,070
6,900
Deduct:
Deduct:
< Prev
5 of 5
Next
 alt="D. QUtstanaing cnecks as or May 31 totai $6,900.
c. May 31 cash receipts of $7,500 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 $530 check written by Smith Company was mistakenly drawn against Wright's account.
e. The bank statement shows a $340 NSF check from a customer; the company has not yet recorded this NSF check.
Prepare its bank reconciliation using the above information.
X Answer is not complete.
WRIGHT COMPANY
Bank Reconciliation
May 31
Bank statement balance
Book balance.
Add:
Add:
Bank service charge
2$
230 X
Outstanding checks
6,900 X
Deposit of May 31
7,500
NSF check
340
8,070
6,900
8,070
6,900
Deduct:
Deduct:
Outstanding checks
O$ (6,900)
Bank service charge
(230)
Deposit of May 31
(7,500) X
(6,900)
NSF check
(340)
(8,070)
$
1,170
Adjusted book balance
2$
(1,170)
Adjusted bank balance
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Transcribed Image Text:D. QUtstanaing cnecks as or May 31 totai $6,900.
c. May 31 cash receipts of $7,500 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 $530 check written by Smith Company was mistakenly drawn against Wright's account.
e. The bank statement shows a $340 NSF check from a customer; the company has not yet recorded this NSF check.
Prepare its bank reconciliation using the above information.
X Answer is not complete.
WRIGHT COMPANY
Bank Reconciliation
May 31
Bank statement balance
Book balance.
Add:
Add:
Bank service charge
2$
230 X
Outstanding checks
6,900 X
Deposit of May 31
7,500
NSF check
340
8,070
6,900
8,070
6,900
Deduct:
Deduct:
Outstanding checks
O$ (6,900)
Bank service charge
(230)
Deposit of May 31
(7,500) X
(6,900)
NSF check
(340)
(8,070)
$
1,170
Adjusted book balance
2$
(1,170)
Adjusted bank balance
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