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Wright Company's cash account shows a $30,100 debit 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's cash account shows a $30,100 debit 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.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 60BPSB
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Exercise 6-14 Bank reconciliation LO P3 Wright Company's cash account shows a $30,100 debit 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. X Answer is not complete. WRIGHT COMPANY Bank Reconciliation May 31 Book balance Bank statement balance Add: Add: Bank service charge 230 X Outstanding checks X $ 6,900 X Deposit of May 31 7,500 340 X 8,070 6,900 NSF check 8,070 6,900 Deduct: Deduct: < Prev 5 of 5 Next
Transcribed Image Text:Exercise 6-14 Bank reconciliation LO P3 Wright Company's cash account shows a $30,100 debit 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. X Answer is not complete. WRIGHT COMPANY Bank Reconciliation May 31 Book balance Bank statement balance Add: Add: Bank service charge 230 X Outstanding checks X $ 6,900 X Deposit of May 31 7,500 340 X 8,070 6,900 NSF check 8,070 6,900 Deduct: Deduct: < Prev 5 of 5 Next
D. QUtstanaing cnecks as or May 31 totai $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 $340 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. X Answer is not complete. WRIGHT COMPANY Bank Reconciliation May 31 Bank statement balance Book balance. Add: Add: Bank service charge 2$ 230 X Outstanding checks 6,900 X Deposit of May 31 7,500 NSF check 340 8,070 6,900 8,070 6,900 Deduct: Deduct: Outstanding checks O$ (6,900) Bank service charge (230) Deposit of May 31 (7,500) X (6,900) NSF check (340) (8,070) $ 1,170 Adjusted book balance 2$ (1,170) Adjusted bank balance < Prev 5 of 5 Next
Transcribed Image Text:D. QUtstanaing cnecks as or May 31 totai $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 $340 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. X Answer is not complete. WRIGHT COMPANY Bank Reconciliation May 31 Bank statement balance Book balance. Add: Add: Bank service charge 2$ 230 X Outstanding checks 6,900 X Deposit of May 31 7,500 NSF check 340 8,070 6,900 8,070 6,900 Deduct: Deduct: Outstanding checks O$ (6,900) Bank service charge (230) Deposit of May 31 (7,500) X (6,900) NSF check (340) (8,070) $ 1,170 Adjusted book balance 2$ (1,170) Adjusted bank balance < Prev 5 of 5 Next
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