Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Wright Company's cash account shows a $29,500 debit balance and its bank statement shows $27,800 on deposit at the close of business on May 31.
Wright Company's cash account shows a $29,500 debit balance and its bank statement shows $27,800 on deposit at the close of business on May 31. points a. The May 31 bank statement lists $200 in bank service charges, the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,600. c. May 31 cash receipts of $7,200 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 $500 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $400 NSF check from a customer, the company has not yet recorded this NSF check. eBook Prepare its bank reconciliation using the above information. WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add: Print Bank statement balance Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started