Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close of business on May 31. The May 31 bank statement lists $250 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $7,100. May 31 cash receipts of $7,700 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $550 check written by Smith Company was mistakenly drawn against Wright’s account. 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.
Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close of business on May 31.
The May 31 bank statement lists $250 in bank service charges; the company has not yet recorded the cost of these services.
Outstanding checks as of May 31 total $7,100.
May 31 cash receipts of $7,700 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement.
In reviewing the bank statement, a $550 check written by Smith Company was mistakenly drawn against Wright’s account.
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.
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