Exercise 8-14 Bank reconciliation LO P3 Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close of business on May 31. a. The May 31 bank statement lists $250 in bank service charges, the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,100. C. May 31 cash receipts of $7.700 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 $550 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $300 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 $ 20,800 Book balance Add $ 30,500 Bank statement balance Add Deposit of May 31 Bank error $ 7.700 550 30 500 Deduct Outstanding checks S $ 8.250 37,050 Deduct NSF check Bank service charge 7,100 Book balance 29,950 Adjusted book balance 7,100 300 250 29,950 5 $ Adjusted bank balance