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Required information The following Information applies to the questions displayed below.] On October 31, 2021, the bank statement for the checking account of Blockwood Video
Required information The following Information applies to the questions displayed below.] On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,742, while the company's records show a balance of $12,336. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,235. b. The October 31 cash receipts of $790 are not deposited in the bank until November 2. C. One check written in payment of utilities for $138 Is correctly recorded by the bank but is recorded by Blockwood as a disbursement of $183. d. In accordance with prior authorization, the bank withdraws $551 directly from the checking account as payment on a note payable. The interest portion of that payment is $51 and the principal portion is $500. Blockwood has not recorded the direct withdrawal. e. Bank service fees of $25 are listed on the bank statement. f. A deposit of $568 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 $76 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. (Amounts to be deducted should be Indicated with a minus sign.) BLOCKWOOD VIDEO Bank Reconciliation October 31, 2021 Company's Cash Balance Per general ledger Bank's Cash Balance Per bank statement Bank balance per reconciliation Company balance per reconciliation
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