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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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ash account shows a $31,500 debit
< statement shows $29,800 on deposit
ess on May 31.
tatement lists $300 in bank service
any has not yet recorded the cost of
ks as of May 31 total $7,60O.
ots of $8,200 were placed in the
sitory after banking hours and were
ie May 31 bank statement.
ank statement, a $600 check written
y was mistakenly drawn against
nt shows a $200 NSF check from a
ipany has not yet recorded this NSF
conciliation using the above
WRIGHT COMPANY
Bank Reconciliation
May 31
Book balance
Add:
Deduct:
Adjusted book balance
Transcribed Image Text:ash account shows a $31,500 debit < statement shows $29,800 on deposit ess on May 31. tatement lists $300 in bank service any has not yet recorded the cost of ks as of May 31 total $7,60O. ots of $8,200 were placed in the sitory after banking hours and were ie May 31 bank statement. ank statement, a $600 check written y was mistakenly drawn against nt shows a $200 NSF check from a ipany has not yet recorded this NSF conciliation using the above WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add: Deduct: Adjusted book balance
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
Transcribed Image Text: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
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