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Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close its
Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close its Cash account shows o $31100 debit balance. The company's May 31 bank statement shows $29400 on deposit in the bank. The May 31 bank statement lists $280 in bank service charges, the company has not yet recorded the cost of these services. b. a. 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 $580 check written by Smith Company was mistakenly drawn against Wright's account e. The bank statement shows 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 Reconcilation May 31, 2017 Book balance Bank statement balance Add: Add: Deduct Deduct Adjusted book balance Adjusted bank balance
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