Wright Company's cash account shows a $29,100 debit balance and its bank statement shows $27,400 on deposit at the close of business on May 31. a. The May 31 bank statement lists $180 in bank service charges, the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,400. c. May 31 cash receipts of $7,000 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 $480 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $440 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 $ 27.400 Book balance Add Bank statement balance Add Deposit of May 31 $ 7,000 480 error 7.480 0 34 880 Deduct Deduct S 6,400 Outstanding checks 0 6,400 28,480 Adjusted book balance $ 0 $ Adjusted bank balance 6 of 11 Check Palmona Co. establishes a $150 petty cash fund on January 1 On January 8, the fund shows $61 in cash along with receipts for the following expenditures: postage. $38; transportation-in. $11, delivery expenses. $13, and miscellaneous expenses. $27. Palmona uses the perpetual system in accounting for merchandise Inventory Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $200 on January 8, assuming no entry in part 2. Hint Make two separate entries for part 3 View transaction list Journal entry worksheet >