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Igoryamba
3 years ago
14

Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the clos

e 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. The May 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $5,600. 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. In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn against Wright’s account. 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.
Business
1 answer:
sergey [27]3 years ago
3 0

Answer:

Please see solution below

Explanation:

Bank reconciliation as at June 31st.

•Bank statement balance  

$25,800

Add:

Bank service charges

$100

NSF check

$600

Wrong drawn

$400

Total        

$1,100

Adjusted bank balance

$26,900

Bank reconciliation as at June 31st.

•Cash book balance

$27,500

Add: outstanding checks

$5,600

Balance    

$34,100

Less: deposit in transit

($6,200)

Adjusted book balance

$26,900

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