(The following information applies to the questions displayed beiow) On October 31, 2021, the bank statement...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(The following information applies to the questions displayed beiow) On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,953, while the company's records show a balance of $12,296. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,245 b. The October 31 cash receipts of $750 are not deposited in the bank until November 2. c. One check written in payment of utilities for $130 is correctly recorded by the bank but is recorded by Blockwood as a disbursement of $310. d. In accordance with prior authorization, the bank withdraws $443 directly from the checking account as payment an a note payable. The interest portion of that payment is $43 and the principal portion is $400. Blockwood has not recorded the direct withdrawal. e. Bank service fees of $17 are listed on the bank statement. f. A deposit of $560 is recorded by the bank on October 13, but it did not belong to Blockwood. The deposit should have been made to the checking account of Hollybuster Video, a separate company g. The bank statement includes a charge of $68 for an NSF check. The check is returned with the bank statement, and the company will seek payment from the customer. Required: 1. Prepare a bank reconciliation for the Blockwood checking account on October 31, 2021. (Amoun indicated with a minus sign.) BLOCKWOOD VIDEO Bank Reconciliation October 31, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation (The following information applies to the questions displayed beiow) On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,953, while the company's records show a balance of $12,296. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,245 b. The October 31 cash receipts of $750 are not deposited in the bank until November 2. c. One check written in payment of utilities for $130 is correctly recorded by the bank but is recorded by Blockwood as a disbursement of $310. d. In accordance with prior authorization, the bank withdraws $443 directly from the checking account as payment an a note payable. The interest portion of that payment is $43 and the principal portion is $400. Blockwood has not recorded the direct withdrawal. e. Bank service fees of $17 are listed on the bank statement. f. A deposit of $560 is recorded by the bank on October 13, but it did not belong to Blockwood. The deposit should have been made to the checking account of Hollybuster Video, a separate company g. The bank statement includes a charge of $68 for an NSF check. The check is returned with the bank statement, and the company will seek payment from the customer. Required: 1. Prepare a bank reconciliation for the Blockwood checking account on October 31, 2021. (Amoun indicated with a minus sign.) BLOCKWOOD VIDEO Bank Reconciliation October 31, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation
Expert Answer:
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Posted Date:
Students also viewed these accounting questions
-
[The following information applies to the questions displayed below.] Hitzu Co. sold a copier costing $4,800 with a two-year parts warranty to a customer on August 16, 2013, for $6,000 cash. Hitzu...
-
During one month, 45 preflight inspections were performed on an airplane at Southstar Airlines. 15 nonconformances were noted. Each inspection checks 50 items. Assuming 2 sigma off-centering, what...
-
Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance...
-
Your friend Jin is working at Company AUS Toys, an Australian manufacturing company, selling toys to Company Toy Shop. Company Toy Shop also buys toys from Company CNY Toys in China which has fixed...
-
A frictionless piston-cylinder device contains saturated liquid water at 40-psia pressure. Now 600 Btu of heat is transferred to water from a source at 1000F, and part of the liquid vaporizes at...
-
a. If Kirwan Company, with a break-even point at $2,080,000 of sales, has actual sales of $3,200,000, what is the margin of safety expressed 1. fill in the blank 1 of 2$ 2. fill in the blank 2 of 2%...
-
What is the most important aspect of using Automatic Lubers for grease application to a bearing?
-
On December 23, 2010, Miller Wholesalers ships merchandise to Michael Retailers with terms of FOB destination point. The merchandise arrives at Michaels warehouse on January 3, 2011. Required 1....
-
Select two techniques for forecasting human resources demand and discuss in detail. In your response,explain whether the technique would be more appropriate for a small or a large organization, and...
-
Activity 1: Crossword Puzzle Across 4. Ratio measuring how expensive a company's stock price is compared to EPS (2 words) 6. Shares bought back from investors 7. Solvency ratio that measures how debt...
-
For the multiple input-multiple output (MIMO) system described by the bellow state equation, find the transfer matrix G(s). x = 1 6.5 - I 1 []=[] X1 x X + + U J][12 0 0 [88][*] Using MATLAB, draw the...
-
Explain how the central banks balance sheet changes.
-
Analyze the link between the monetary base and the money supply.
-
Dollarizing and joining a monetary union both involve giving up a countrys own currency, but there are key differences between these two options. Identify one factor that might lead a country to...
-
The collapse of banks and the banking system disrupts both the payments system and the screening and monitoring of borrowers. a. Intermediaries are insolvent when their liabilities exceed their...
-
Describe unconventional monetary policy tools and how they work.
-
Use the following table to answer the question. Periods 5% 6% 7% 10% 1 0.95238 0.94340 0.93458 0.90909 2 0.90703 0.89000 0.87344 0.82645 3 0.86384 0.83962 0.81630 0.75132 4 0.82270 0.79209 0.76290...
-
Suppose the market is semistrong form efficient. Can you expect to earn excess returns if you make trades based on? a. Your brokers information about record earnings for a stock? b. Rumors about a...
-
The following balances appeared in the general ledger for Hacky Sak Corporation at fiscal year end September 30, 2011: Selling and administrative expenses .........$ 15,000 Other revenues and...
-
The Muzby Pet Grooming Company purchased a computer on December 31, 2012, and gave a four-month, 7% note with a face value of $6,000. On maturity, April 30, 2013, the note plus interest will be paid...
-
Categorize each of the following as a capital expenditure or a revenue expenditure (expensed) for Dalton & Sons and explain why: 1. In accordance with the long-term maintenance plan, paid for a newly...
-
What are the issues surrounding smartphones, social media, and cybersecurity confronting modern organizations?
-
How can one engage in effective cross-cultural communication in organizations?
-
Can you think of any barriers that impacted communication effectiveness in this situation? How might one attempt to alter how they communicate to address or eliminate any of these barriers?
Study smarter with the SolutionInn App