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could you solve this with explaining ? Wright Company deposits all cash receipts on the day when they are received and it makes all cash
could you solve this with explaining ? Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2013, its Cash account shows a $30,700 debit balance. The company's May 31 bank statement shows $29,000 on deposit in the bank a. The May 31 bank statement included a $260 debit memorandum for bank services, the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,200 c. May 31 cash receipts of $7.800 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 $560 check written by Smith Company was mistakenly drawn against Wright's account e. A debit memorandum for $280 refers to a $280 NSF check from a customer, the company has not yet recorded this NSF check Prepare a bank reconciliation for the company using the above information WRIGHT COMPANY Bank Reconciliation May 31, 2013 29,000 Book balance Bank statement balance 30,700 S S Add Add Deposit of May 31 Bank error 7,800 560 8,360 37,360 Deduct 30,700 Deduct Outstanding checks 7,200 Bank service charge 260 280 NSF check 7.200 540 Adjusted bank balance 30,160 Adjusted book balance 30,160
could you solve this with explaining ?
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