Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 8-14 Bank reconciation P3 Wright Company's Cash account shows a $27,500 debit balance and its bank statement shows $25,800 on deposit at the close

image text in transcribed
Exercise 8-14 Bank reconciation P3 Wright Company's Cash account shows a $27,500 debit balance and its bank statement shows $25,800 on deposit at the close of business on May 31. Prepare its bank reconciliation using the following information a. The May 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services, b. Outstanding checks as of May 31 total 55,600 c. May 31 cash receipts of $6.200 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 $400 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $600 NSF check from a customer, the company has not yet recorded this NSF check Reconcier 00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting the basis for business decisions

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

16th edition

0077664078, 978-0077664077, 78111048, 978-0078111044

More Books

Students also viewed these Accounting questions

Question

Name elements that make for "fine dining."

Answered: 1 week ago