Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

value 1.00 points Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At

image text in transcribed
value 1.00 points 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, 2015, its Cash account shows a $31,100 debit balance. The company's May 31 bank statement shows $29,400 on deposit in the bank. a. The May 31 bank statement included a $280 debit memorandum for bank services, the company has not yet recorded the cost of these services b. Outstanding checks as of May 31 total $7,400. c. May 31 cash receipts of $8,000 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 5580 check written by Smith Company was mistakenly drawn against Wright's account e. A debit memorandum for $240 refers to a $240 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, 2015 Book balance Add: Bank statement balance Add Deduc Deduct Adjusted bank balance Adjusted book balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions