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Mademuasel [1]
2 years ago
5

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.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, 2013, its Cash account shows a $28,900 debit balance. The company’s May 31 bank statement shows $27,200 on deposit in the bank.a. The May 31 bank statement included a $170 debit memorandum for bank services; the company has not yet recorded the cost of these services.b. Outstanding checks as of May 31 total $6,300.c. May 31 cash receipts of $6,900 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 $470 check written by Smith Company was mistakenly drawn against Wright’s account.e. A debit memorandum for $460 refers to a $460 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:
MrRissso [65]2 years ago
4 0

Answer: Please find answer in the explanation column

Explanation: A bank Reconciliation statement is one that shows a record ensuring a company's bank financial records corresponds with its financial book records and adjust any discrepancies found.

    Bank reconciliation for the Wright  company as of May 31st

Ending balance according to Bank  statement        $27,200

Add:

Deposit made                                                              $6,900

Bank error                                                                     $470

                                                                                      $34,570

Deduct:

Outstanding checks                                                       ($6,300)

Adjusted bank balance                                                 $28,270

Ending balance according to Book  statement        $28,900

Add:

Deduct:

Bank Service Charge                                                       ($170)

NSF check                                                                         ($460)

Adjusted book balance                                                 $28,270

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Answer:

d. employees are encouraged to develop knowledge and expertise outside of their specialization.

Explanation:

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In an organic organization unlike a mechanistic organisation, employees are encouraged to develop knowledge and expertise outside of their specialization rather than being static or inflexible.

6 0
3 years ago
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plants are in threatened state and getting rare. Discuss in the class and prepare a list of causes of rareness of animals and pl
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6 0
9 months ago
Assume that Luxland and Leanderland specialize and trade in a way that is advantageous for bothof them. Explain what will happen
katen-ka-za [31]

Question Completion:

Production outputs

                    Luxland    Leanderland

Chips                10                4

Pretzels            10                8

Total output    20               12

Answer:

Assuming that Luxland and Leanderland specialize and trade in a way that is advantageous for both of them, the number of pretzels that Leanderland can produce will be 16.

Explanation:

a) Data and Calculations:

Specialization Output:

                    Luxland    Leanderland

Chips                20                0

Pretzels              0                16

Total output     20                16

b) While it is acknowledged that Luxland has absolute advantage in the production of both chips and pretzels when compared to Leanderland, the total output for both economies, without specialization, remains 32 units (of both chips and pretzels).  When they specialize, Leanderland's output increases to 16 units from 12.  This results in total output of 36 units instead of 32 for both economies.

8 0
2 years ago
Which of the following techniques is used by the nielsen company to measure ratings? A- set meters, B- Tentpoling, C- Syndicatio
liq [111]

Answer:

A. Set meters is the correct answer.

Explanation:

4 0
2 years ago
J. Morgan and M. Halsted are partners who share income and loss in a 3:1 ratio. After several unprofitable periods, the two part
Elina [12.6K]

Answer:

cash   110,000 debit

  land                   100,000 credit

  gain at disposal  10,000 credit

--to reocrd teh sale of land--

accounts payable 80,000 debit

               cash               80,000 credit

--to record the payment of liabilities--

gain at disposal 10,000 debit

                Morgan           7,500 credit

                Halsted          2,500 credit

--to distribute the gain from sale--

Morgan 22,500

Haslted    7,500

   Cash                30,000

--to liquidate the partnership--

Explanation:

ratio 3:1 (3+1=4)

Morgan  15000 share of 3/4 = 75%

Halsted   5000 share of 1/4 = 25%

there is gain of 10,000 in the sale distribute as follow

Morgan 10,000 x 75% =  7,500

Halsted 10,000 x 75% =   2,500

Now we close the account against cash

8 0
3 years ago
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