Solved: On October 31 2015 the bank statement for the

checking
On October 31 2015 the bank statement for the checking

On October 31, 2015, 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 fee 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, 2015.
2. Record the necessary cash adjustments.

On October 31 2015 the bank statement for the checking

ANSWER
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