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kupik [55]
3 years ago
5

On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,818, while the compan

y’s records show a balance of $12,326. Information that might be useful in preparing a bank reconciliation is as follows: Outstanding checks are $1,225. The October 31 cash receipts of $780 are not deposited in the bank until November 2. One check written in payment of utilities for $136 is correctly recorded by the bank but is recorded by Blockwood as a disbursement of $163. In accordance with prior authorization, the bank withdraws $449 directly from the checking account as payment on a note payable. The interest portion of that payment is $49 and the principal portion is $400. Blockwood has not recorded the direct withdrawal. Bank service fees of $23 are listed on the bank statement. A deposit of $566 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. The bank statement includes a charge of $74 for an NSF check. The check is returned with the bank statement, and the company will seek payment from the customer. 2. Record the necessary cash adjustments
Business
1 answer:
pickupchik [31]3 years ago
5 0

Answer:

Explanation:

Bal as per cash book. $12,326

Add:

outstanding chq. $1,225

Overstated expenses. $27

Unknown credit. $566

Less:

Uncredited cash. $780

Direct debit. $449

Bank charges $23

Bank charge. $74

Bal in bank statement. $12,818

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