674)-ovandoa26@g Untitled document-G: × | + ecom/document/d/1 YebitgnwwolSUvplok

Question

674)-ovandoa26@g Untitled document-G: × | + ecom/document/d/1 YebitgnwwolSUvplokjckiu-gEA-ind HUy7 Sg3sU/edit hanges saved in Drive 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, 2016, its Cash account shows a $30,900 debit balance. The company's May 31 bank statement shows $29,200 on deposit in the bank. a. The May 31 bank statement included a $270 debit memorandum for bank services; 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 reviewing the bank statement, a $570 check written by Smith Company was mistakenly drawn against Wright's account. e. A debit memorandum for $260 refers to a $260 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.

Explanation / Answer

WRIGHT COMPANY Bank Reconciliation 31-May-16 Bank statement balance $29,200 Book balance $30,900 Add: Add: Deposit of May 31 $7,900 Bank error 570 8470 37670 30900 Deduct: Deduct: Outstanding checks $7,300 Bank service charge $270 NSF check 260 7300 530 Adjusted bank balance 30370 Adjusted book balance 30370

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