Homework Help is Here – Start Your Trial Now!
Business
Accounting
Wright Company's cash account shows a $30,900 debit balance and Its bank statement shows $29,200 on deposit at the close of business on May 31. a. The May 31 bank statement lists $270 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,300. C. May 31 cash receipts of $7,900 were placed In the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In revlewing the bank statement, a $570 check written by Smith Company was mistakenly drawn agalnst Wright's account. e. The bank statement shows a $260 NSF check from a customer; the company has not yet recorded this NSF check. Prepare Its bank reconcilation using the above Information.

Wright Company's cash account shows a $30,900 debit balance and Its bank statement shows $29,200 on deposit at the close of business on May 31. a. The May 31 bank statement lists $270 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,300. C. May 31 cash receipts of $7,900 were placed In the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In revlewing the bank statement, a $570 check written by Smith Company was mistakenly drawn agalnst Wright's account. e. The bank statement shows a $260 NSF check from a customer; the company has not yet recorded this NSF check. Prepare Its bank reconcilation using the above Information.

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 5E
See similar textbooks
icon
Related questions
Question

I need help please

Wright Company's cash account shows a $30,900 debit balance and Its bank statement shows $29.200 on deposit at the close of business on May 31. a. The May 31 bank statement lists $270 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,300. C. May 31 cash recelpts of $7,900 were placed In the bank's night depository after banklng hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $570 check written by Smith Company was mistakenly drawn agalnst Wright's account. e. The bank statement shows a $260 NSF check from a customer; the company has not yet recorded this NSF check. Prepare Its bank reconcilation using the above Information. WRIGHT COMPANY Bank Reconciliation Мay 31 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance
Transcribed Image Text:Wright Company's cash account shows a $30,900 debit balance and Its bank statement shows $29.200 on deposit at the close of business on May 31. a. The May 31 bank statement lists $270 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,300. C. May 31 cash recelpts of $7,900 were placed In the bank's night depository after banklng hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $570 check written by Smith Company was mistakenly drawn agalnst Wright's account. e. The bank statement shows a $260 NSF check from a customer; the company has not yet recorded this NSF check. Prepare Its bank reconcilation using the above Information. WRIGHT COMPANY Bank Reconciliation Мay 31 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Money Management and Achieving Financial Goals
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS