a newconnect.mheducation.com Connect Exercise 6-11 Bank reconciliation LO P3 Wri

Question

a newconnect.mheducation.com Connect Exercise 6-11 Bank reconciliation LO P3 Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $27,500 debit balance. The company's May 31 bank statement shows $25,800 on deposit in the bank a. The May 31 bank statement lists $100 in bank service charges; 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. The bank statement shows a $600 NSF check from a customer, the company has not yet recorded this NSF check Prepare a bank reconciliation for the company using the above information Book balance Add Deduct Deduct Adjusted bank balance Austed book balance

Explanation / Answer

Bank reconciliation Statement Balance as per bank statement 25,800 Balance as per Books 27500 Additions: Additions Deposit in transit 6200 Eerror in recording check 400 Subtotals 32400 Subtotals 27500 Deductions: Deductions: Outstanding Checks 5600 Service charges 100 NSF Check 600 Adjusted balance as per bank statemet 26800 Adjusted balance as per books 26800

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