Did I do this correctly??
On October 31, 2021, the bank statement for the checking account of Hollybuster Video shows a balance of $11,570, while the company's records show a balance of $10,858. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,120. b. The October 31 cash receipts of $575 are not deposited in the bank until November 2. c. One check written in payment of utilities for $115 is correctly recorded by the bank but is recorded by Hollybuster as a disbursement of $155. d. In accordance with prior authorization, the bank withdraws $500 directly from the checking account as payment on a note payable. The interest portion of that payment is $50 and the principal portion is $450. Hollybuster has not recorded the direct withdrawal. e. Bank service fees of $50 are listed on the bank statement. f. A deposit of $782 is recorded by the bank on October 13, but it did not belong to Hollybuster. The deposit should have been made to the checking account of Videos Unlimited, a separate company. g. The bank statement includes a charge of $105 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 Hollybuster checking account on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance $ HOLLYBUSTER VIDEO Bank Reconciliation October 31, 2021 Company's Cash Balance 11,570 Per general ledger $ (1,120) EFT for note Company error 575 NSF check Service fees Per bank statement Checks outstanding Bank error Deposits outstanding 10.858 (500) (782) 40 (105) (50) Per reconciliation $ 10,243 Per reconciliation 10,243 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 40 Cash Utilities Expense 40 B 2 105 50 Accounts Receivable Interest Expense Notes Payable Service Fee Expense Cash 450 50 655 On October 31, 2021, the bank statement for the checking account of Hollybuster Video shows a balance of $11,570, while the company's records show a balance of $10,858. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,120. b. The October 31 cash receipts of $575 are not deposited in the bank until November 2. c. One check written in payment of utilities for $115 is correctly recorded by the bank but is recorded by Hollybuster as a disbursement of $155. d. In accordance with prior authorization, the bank withdraws $500 directly from the checking account as payment on a note payable. The interest portion of that payment is $50 and the principal portion is $450. Hollybuster has not recorded the direct withdrawal. e. Bank service fees of $50 are listed on the bank statement. f. A deposit of $782 is recorded by the bank on October 13, but it did not belong to Hollybuster. The deposit should have been made to the checking account of Videos Unlimited, a separate company. g. The bank statement includes a charge of $105 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 Hollybuster checking account on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance $ HOLLYBUSTER VIDEO Bank Reconciliation October 31, 2021 Company's Cash Balance 11,570 Per general ledger $ (1,120) EFT for note Company error 575 NSF check Service fees Per bank statement Checks outstanding Bank error Deposits outstanding 10.858 (500) (782) 40 (105) (50) Per reconciliation $ 10,243 Per reconciliation 10,243 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 40 Cash Utilities Expense 40 B 2 105 50 Accounts Receivable Interest Expense Notes Payable Service Fee Expense Cash 450 50 655
