Please provide graph answer Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close ofbusiness on May 31.a. The May 31 bank statement lists $250 in bank service charges; the company has not yet recorded the cost of these services.b. Outstanding checks as of May 31 total $7,100.c. May 31 cash receipts of $7,700 were placed in the bank's night depository after banking hours and were not recorded on theMay 31 bank statement.d. In reviewing the bank statement, a $550 check written by Smith Company was mistakenly drawn against Wright's account.e. The bank statement shows a $300 NSF check from a customer; the company has not yet recorded this NSF check.Prepare its bank reconciliation using the above information.Bank statement balanceAdd:Deduct:WRIGHT COMPANYBank ReconciliationMay 31Book balanceAdd:Deduct:

The bank reconciliation as of May 31 is presented hereunder:…

Answered: Wright Company's cash account shows a…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

See similar textbooks

Similar questions

Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35
Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
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 $30,100 deblt 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 Bank Reconciliation May 31 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance < Prev 5 of 5 Next ...
Wright Company's cash account shows a $29,900 debit balance and its bank statement shows $28,200 on deposit at the close of business on May 31. a. The May 31 bank statement lists $220 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,800. c. May 31 cash receipts of $7,400 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 $520 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $360 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 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0
Wright Company's cash account shows a $31,500 debit balance and its bank statement shows $29,800 on deposit at the close of business on May 31. a. The May 31 bank statement lists $300 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,600. c. May 31 cash receipts of $8,200 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 $600 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $200 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. WRIGHT COMPANY Bank Reconciliation May 31 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

SEE MORE TEXTBOOKS