Wright Company's cash account shows a $28,900 debit balance and its bank statement shows $27,200 on deposit at the close of busi
ness on May 31. The May 31 bank statement lists $170 in bank service charges; the company has not yet recorded the cost of these services.
1 answer:
Answer:
$28,390
Explanation:
Bank Reconciliation Statement is a compulsory to pronounce a bank statement/cash book records free from error.
Steps in Preparation of Bank Reconciliation Statement
1. Check for Uncleared Dues
2. Compare the debit and credit sessions
3. Check for missed data
4. Make sure the left-hand side is the same as the right hand Side
See attached for the Bank Reconciliation Statement of the exercise.
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Answer:
Days of receivable will be 75 days
Explanation:
We have given net credit sales = $1200000
Net account receivable at the beginning = $290000
And receivable at the ending = $201000
Average receivable
Now receivables turnover ratio
Days of receivables =