On October 31 2012 the bank statement for the checking

#8746
On October 31, 2012, the bank statement for the checking account of Blockwood Video shows
a balance of $12,630, while the company's records show a balance of $12,331. Information that
might be useful in preparing a bank reconciliation is as follows:a. Outstanding checks are
$1,230.b. The October 31 cash receipts of $785 are not deposited in the bank until November
2.c. One check written in payment of utilities for $137 is correctly recorded by the bank but is
recorded by Blockwood as a disbursement of $173.d. In accordance with prior authorization, the
bank withdraws $650 directly from the checking account as payment on a note payable. The
interest portion of that payment is $50 and the principal portion is $600. Blockwood has not
recorded the direct withdrawal.e. Bank service fees of $24 are listed on the bank statement.f. A
deposit of $567 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 $75 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, 2012.2. Record the necessary cash adjustmentsView Solution:
On October 31 2012 the bank statement for the checking

ANSWER
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