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. 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 $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. 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
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
Transcribed Image Text: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.
Bank statement balance
Add:
Deduct:
Adjusted bank balance
WRIGHT COMPANY
Bank Reconciliation
May 31
Book balance
Add:
Deduct:
Adjusted book balance
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