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Question

97% , Sat Mar 24 5:05 PM File Edit View History Bookmarks Window Help 0 Help Save& Exit Submit Cc1on Test 3 CC101 Test 3 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 $28,300 debit balance. The company's May 31 bank statement shows $26,600 on deposit in the bank a. The May 31 bank statement ists $140 in bank service charges the company has not yet recorded the cost of these services c. May 31 cash receipts of $6,600 were placed in the bank's night depository after banking hours and were not recorded on the May total $6,000 o12822) b Outstanding checks as of May 31 31 bank statement d. In reviewing the bank statement, a $440 check written by Smith Company was mistakenly drawn against Wright's account e. The bank statement shows a $520 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 WRIGHT COMPANY Bank Reconciliation May 31, 2017 Bank statement balance Book balance Add: Add: Deduct Deduct

Explanation / Answer

BANK RECONCILIATION STATEMENT Bank Statement balance 26600 Balance as per Books 28300 Add: Add: 0 Deposits in transit 6600 Error in check drawn 440 7040 Subtotal 33640 Subtotals 28300 Less: Less: Outstanding checcks 6000 6000 Service charges 140 NSF check 520 660 Adjusted bank balance 27640 Adjusted as per books 27640

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