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View History BookmarksPeopleWindow Help xy Connect xConnect connect.htm rtant: Your FSAID E-, × Connect Secure https://newconnect.mheducat Help Save & Exit Submit UIZ Wright Company deposits all cash receipts on the day when they are recelved and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $27,700 debit balance. The company's May 31 bank statement shows $26,000 on deposit in the bank. a. The May 31 bank statement lists $110 in bank service charges; the company has not yet recorded the cost of these services b. Outstanding checks as of May 31 total $5,700. c. May 31 cash receipts of $6,300 were placed in the bank's night depository after banking hours and were not d. In reviewing the bank statement, a $410 check written by Smith Company was mistakenly drawn egainst Wright e The bank statement shows a $580 NSF check from a customer, the company has not yet recorded this NSF recorded on the May 31 bank statement. account. check Prepare a bank reconcililation for the company using the above information. Bank May 31, 2017 Bank statement balance Book balance Add Add Deduct Deduct Adjusted bank balance Adjusted book balance

Explanation / Answer

WRIGHT COMPANY Bank Reconciliation May 31, 2017 Bank Statement Company's Book Bank statement balance $ 26,000 Book balance $ 27,700 Add Add Deposit in transit   $ 6,300 Wrongly drawn by bank $     410 $    6,710 Deductions Deduct NSF Check $ 580 Outstanding checks   $    5,700 Bank service charges $ 110 $        690 Bank balance per reconciliation $ 27,010 Cash balance per reconciliation $ 27,010

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