Wright Company's cash account shows a $30,300 debit balance and its bank statement shows $28,600 on deposit at the close of business on May 31. a. The May 31 bank statement lists $240 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,000. c. May 31 cash receipts of $7,600 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. ctangu d. In reviewing the bank statement, a $540 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $320 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Wright Company's cash account shows a $30,300 debit balance and its bank statement shows $28,600 on deposit at the close of
business on May 31.
a. The May 31 bank statement lists $240 in bank service charges; the company has not yet recorded the cost of these services.
b. Outstanding checks as of May 31 total $7,000.
c. May 31 cash receipts of $7,600 were placed in the bank's night depository after banking hours and were not recorded on the May
stangular Snip
31 bank statement.
d. In reviewing the bank statement, a $540 check written by Smith Company was mistakenly drawn against Wright's account.
e. The bank statement shows a $320 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 $30,300 debit balance and its bank statement shows $28,600 on deposit at the close of business on May 31. a. The May 31 bank statement lists $240 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,000. c. May 31 cash receipts of $7,600 were placed in the bank's night depository after banking hours and were not recorded on the May stangular Snip 31 bank statement. d. In reviewing the bank statement, a $540 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $320 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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