Exercise 8-14 (Algo) Bank reconciliation LO P3 Wright Company's cash account shows a $30,100 debit...

80.2K

Verified Solution

Question

Accounting

image
image
Exercise 8-14 (Algo) Bank reconciliation LO P3 Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on deposit at the close of business on May 31 a. The May 31 bank statement lists $230 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,900. c. May 31 cash receipts of $7,500 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 $530 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $340 NSF check from a customer, the company has not yet recorded this NSF check. Check m \begin{tabular}{|l|l|l|l|l|} \hline Bank statement balance & Bank Reconciliation \\ \hline Add & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline Deduct: & & & \\ \hline & & & & \\ \hline & & & \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students