Wright Company's cash account shows a $28,100 debit balance and its bank statement shows $26,400 on deposit at the close

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Wright Company S Cash Account Shows A 28 100 Debit Balance And Its Bank Statement Shows 26 400 On Deposit At The Close 1 (55.59 KiB) Viewed 23 times

Wright Company's cash account shows a $28,100 debit balance and its bank statement shows $26,400 on deposit at the close of business on May 31. a. The May 31 bank statement lists $130 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $5,900. c. May 31 cash receipts of $6,500 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 $430 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $540 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Outstanding checks Adjusted bank balance S 5,900 $ $ WRIGHT COMPANY Bank Reconciliation May 31 26,400 Book balance Add: 0 26,400 Deduct: Bank service charge NSF check 5,900 20,500 Adjusted book balance $ 130 540 $ $ 28,100 28,100 670 27,430