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Wright Company deposits all cash receipts on the day when they are received and it makes all cash pay- ments by check. At the close of business on May 31, 2015, its Cash account shows a $27,500 debit bal- ance. The company's May 31 bank statement shows $25,800 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. a. The May 31 bank statement included a $100 debit memorandum for bank services; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $5,600. c. May 31 cash receipts of $6,200 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 $400 check written by Smith Company was mistakenly drawn against Wright's account. e. A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet recorded this NSF check.

Wright Company deposits all cash receipts on the day when they are received and it makes all cash pay- ments by check. At the close of business on May 31, 2015, its Cash account shows a $27,500 debit bal- ance. The company's May 31 bank statement shows $25,800 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. a. The May 31 bank statement included a $100 debit memorandum for bank services; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $5,600. c. May 31 cash receipts of $6,200 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 $400 check written by Smith Company was mistakenly drawn against Wright's account. e. A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet recorded this NSF check.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5PA
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Wright Company deposits all cash receipts on the day when they are received and it makes all cash pay- Exercise 8-11 ments by check. At the close of business on May 31, 2015, its Čash account shows a $27,500 debit bal- Bank reconciliation ance. The company's May 31 bank statement shows $25,800 on deposit in the bank. Prepare a bank p3 reconciliation for the company using the following information. a. The May 31 bank statement included a $100 debit memorandum for bank services; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $5,600. c. May 31 cash receipts of $6,200 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 $400 check written by Smith Company was mistakenly drawn against Wright's account. e. A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet Check Recorcled bal., recorded this NSF check. $26,800
Transcribed Image Text:Wright Company deposits all cash receipts on the day when they are received and it makes all cash pay- Exercise 8-11 ments by check. At the close of business on May 31, 2015, its Čash account shows a $27,500 debit bal- Bank reconciliation ance. The company's May 31 bank statement shows $25,800 on deposit in the bank. Prepare a bank p3 reconciliation for the company using the following information. a. The May 31 bank statement included a $100 debit memorandum for bank services; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $5,600. c. May 31 cash receipts of $6,200 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 $400 check written by Smith Company was mistakenly drawn against Wright's account. e. A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet Check Recorcled bal., recorded this NSF check. $26,800
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