Exercise 6-14 Bank reconciliation LO P3Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on deposit at the close ofbusiness 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 May31 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 COMPANYBank ReconciliationMay 31Book balanceBank statement balanceAdd:Add:Bank service charge230 XOutstanding checksX $ 6,900 XDeposit of May 317,500340 X8,0706,900NSF check8,0706,900Deduct:Deduct:< Prev5 of 5Next 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 May31 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 COMPANYBank ReconciliationMay 31Bank statement balanceBook balance.Add:Add:Bank service charge2$230 XOutstanding checks6,900 XDeposit of May 317,500NSF check3408,0706,9008,0706,900Deduct:Deduct:Outstanding checksO$ (6,900)Bank service charge(230)Deposit of May 31(7,500) X(6,900)NSF check(340)(8,070)$1,170Adjusted book balance2$(1,170)Adjusted bank balance< Prev5 of 5Next

Sometimes the balance shows in the cash book and in the bank statement doesn't matches. In order to…

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.

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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