see image please Wright Company's cash account shows a $30,300 debit balance and its bank statement shows $28,600 on deposit at the close ofbusiness 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 Maystangular Snip31 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 COMPANYBank ReconciliationMay 31Bank statement balanceBook balanceAddAdd:Deduct:Deduct:Adjusted bank balanceAdjusted book balance

Bank reconciliation statement: It is the statement which reconciles the bank statement with the…

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.

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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