Solution-Wright company deposits all cash receipts

Wright company deposits all cash receipts

Assignment Help Cost Accounting

Reference no: EM13900764

1.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 $ 27,500 debit balance. The company's May 31 bank statement shows $ 25,800 on deposit in the bank. Prepare a bank reconciliation for the company using the following information.

a. The May 31 bank statement included a $ 100 debit memorandum for bank services; the company has not yet recorded the cost of these services.

b. Outstanding checks as of May 31 total $ 5,600.

c. 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.

d. In reviewing the bank statement, a $ 400 check written by Smith Company was mistakenly drawn against Wright's account.

e. A debit memorandum for $ 600 refers to a $ 600 NSF check from a customer; the company has not yet recorded this NSF check.

Reference no: EM13900764

Questions Cloud

The company uses the perpetual system in accounting : Waupaca Company establishes a $ 350 petty cash fund on September 9. On September 30, the fund shows $ 104 in cash along with receipts

Describes the optimal format for powerpoint slides : On the Internet find a video or website, other than those assigned, that describes the optimal format for PowerPoint slides and/or presentations.

Cultural backgrounds of mahito and orlando : This week's interviews centered on the cultural backgrounds of Mahito and Orlando. Mahito is a male student who is living in the United States and attending Liberty University (Mahito, 2010)

Create a domain name and url for your website : Identify the type of website you will create. Your options consist of personal, organizational/topical, or commercial and create a domain name and URL for your website.

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

Compute the debt to gdp ratio in ten years : Using your favorite spreadsheet software, compute the debt-to-GDP ratio in 10 years, assuming that the primary deficit stays at 4% of GDP each year; the economy grows at the normal growth rate in each year; and the real interest rate is constant, ..

Discuss the firm''s activities outside the u.s. : Discuss the firm's activities outside the U.S.

Provide a brief description of the nature of special charge : Provide a brief description of the nature of each special charge. Assume the severance charges are paid in cash in 2005. Record the appropriate entry in 2005.

Evaluate social learning theory and blooms taxonomy : What historical trends do you notice in the literature about your assigned subject and does there appear to be any event or series of events (such as research findings) that helped to promote this area of variable within learning psychology?

User Account

All Pages

Wright company deposits all cash receipts

Reference no: EM13900764

Reference no: EM13900764

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT