The cash records and bank statement for the month of July for Glover Incorporated are shown below.
Question:
Additional information:
a. The difference in the beginning balances in the companys records and the bank statement relates to check #530, which is outstanding as of June 30, 2015.
b. Check #533 is correctly processed by the bank.
c. The EFT on July 26 relates to the purchase of office supplies.
Required:
1. Prepare a bank reconciliation for Glovers checking account on July 31, 2015.
2. Record the necessary cashadjustments.
Transcribed Image Text:
GLOVER INCORPORATED Cash Account Records July 1, 2015, to July 31, 2015 Cash Balance July 1, 2015 Cash Balance Deposits Checks July 31, 2015 $10,560 $5,670 Deposits Checks Amount $2,660 3,240 Amount 2 Rent Salaries Equipment Sales 533 4,500 1,000 1,400 $10,560 7130 535 PO. Box 123878 Gotebo, OK 73041 (580) 377-OKIE Member FDIC Fidelity Union You Can Bank On Us Account Holder: Glover Incorporated 519 Main Street Account Number 2252790471 Gotebo, OK 73041 Statement Date: July 31, 2015 Beginning Balance July 1, 2015 $8,200 Deposits and Credits Withdrawals and Debits Ending Balance Total July 31, 2015 $5,960 $10,410 and Credits Withdrawals and Debits Date Amount De Date No. Amount Desc Date Amount 7/10 $,660 DEP 7/22 3,240 DEP 7/2 530 690 CHK 1,600 CHK 2,060 CHK 500 NSF 7/22 533 4,900 CHK 600 EFT 2 $7,510 8,570 7/10 531 7/14 532 7/22 7126 60 SF 7/30 3,690 $10,410 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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