Question
In: Accounting
Wright Company deposits all cash receipts on the day when they are received and it makes...
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, 2017, its Cash account shows a $31,300 debit
balance. The company’s May 31 bank statement shows $29,600 on
deposit in the bank.
The May 31 bank statement lists $290 in bank service charges; the company has not yet recorded the cost of these services.
Outstanding checks as of May 31 total $7,500.
May 31 cash receipts of $8,100 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 $590 check written by Smith Company was mistakenly drawn against Wright’s account.
The bank statement shows a $220 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.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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Blaze Co. deposits all cash receipts on the day when they are
received and makes all cash payments by check. At the close of
business on December 31, its Cash account shows a debit balance of
$8,649. The company’s bank statement as of December 31 shows an
ending cash balance of $17,151. The following information was also
available. Outstanding checks as of December 31 total $4,476.
Included with the bank statement was a debit memo in the amount of
$250...
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check.
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $29,861 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following:
Deposit in transit 3,750
Outstanding checks 1,458
Additionally, a $56 check correctly written and recorded by the company was recorded by the bank as a $65 deduction.
The adjusted cash balance per the bank records should be:...
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Maple Industries Inc. 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 December 31, its Cash account shows a debit
balance of $18,719. The company’s bank statement as of December 31
shows an ending cash balance of $16,051. The following information
was also available.
•
Outstanding checks as of December 31 total $2,326.
•
Included with the bank statement
was a debit memo in...
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Del Gato Clinic 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 June 30, 2017, its Cash account shows an $12,286
debit balance. Del Gato Clinic’s June 30 bank statement shows
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Pronghorn Lansbury Company deposits all receipts and makes all payments by check. The following information is...
Pronghorn Lansbury Company deposits all receipts and makes all
payments by check. The following information is available from the
cash records.
June 30 Bank Reconciliation
Balance per bank
$15,400
Add: Deposits in transit
3,388
Deduct: Outstanding checks
(4,400
)
Balance per books
$14,388
Month of July Results
Per Bank
Per Books
Balance July 31
$19,030
$20,350
July deposits
11,000
12,782
July checks
8,800
6,820
July note collected (not included in July deposits)
2,200
July bank service charge
33
July NSF...
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Saturn Company deposits all receipts daily and makes all
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operations: Month of April Results Per Bank Per Books Balance April
30 $42,000 $42,140 April deposits recorded 11,200 17,300 April
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Customer’s NSF cheque returned by...
BANK RECONCILIATION B. J. Nebb deposits all receipts in the bank on the day they are...
BANK RECONCILIATION
B. J. Nebb deposits all receipts in the bank on the day they are
received and makes all payments by check. One June 30, the Ledger
Balance of Cash is $2,519 after all posting is completed. The bank
statement dated June 30 shows a balance of $2,758. You are given
the following information to prepare a bank reconciliation in the
spaces provided below.
Outstanding checks, $355.
A deposit of $482 was placed in the night depository of June...
Arthur's Men's Shop deposits all receipts in the bank each evening and makes all payments by...
Arthur's Men's Shop deposits all receipts in the bank each
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reconcile the bank statement:
The reconciliation for October, the previous month, showed
three checks outstanding on October 31: no. 1417 for $95.00, no.
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Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after...
Beeler Furniture Company deposits all cash receipts each
Wednesday and Friday in a night depository after banking hours. The
data required to reconcile the bank statement as of June 30 have
been taken from various documents and records and are reproduced as
follows. The sources of the data are printed in capital letters.
All checks were written for payments on account.
CASH ACCOUNT:
Balance as of June 1
$9,317.40
CASH RECEIPTS FOR MONTH OF JUNE
$9,223.76
DUPLICATE DEPOSIT TICKETS: Date...
Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after...
Beeler Furniture Company deposits all cash receipts each
Wednesday and Friday in a night depository after banking hours. The
data required to reconcile the bank statement as of June 30 have
been taken from various documents and records and are reproduced as
follows. The sources of the data are printed in capital letters.
All checks were written for payments on account.
CASH ACCOUNT:
Balance as of June 1
$9,317.40
CASH RECEIPTS FOR MONTH OF JUNE
$9,223.76
DUPLICATE DEPOSIT TICKETS: Date...
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