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 company's records and the bank statement relates to check #530, which is outstanding as of June 30, 2012.
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 Glover's checking account on July 31, 2012.
2. Record the necessary cash adjustments.
Transcribed Image Text:
GLOVER INCORPORATED Cash Account Records July 1, 2012, to July 31, 2012 Cash Balance July 1, 2012 + Cash Balance Checks July 31, 2012 Deposits 7,110 $8,420 9,160 S6,370 Deposits Desc. Sales Sales Sales Checks Date 7/9 7/21 7/31 Amount $2,560 3,140 2,720 Date 7/12 7/19 7/22 7/30 No 531 532 533 534 535 Desc. Rent Salaries Equipment Utilities Advertising $1,500 1,960 3,500 900 1,300 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 Gotebo, OK 73041 Account Number: 2252790471 Statement Date: July 31, 2012 Beginning Balance July 1, 2012 $7,700 Deposits and Credits Withdrawals and Debits Ending Balance No Total TotalJuly 31, 2012 $8,800 O. $5,750 $4,650 Deposits and Credits Withdrawals and Debits Daily Balance Date Date Amount Desc. Date No. Amount Desc. Amount 7/2 7/10 7/14 7/18 7/22 7/26 7/30 7/31 $7,110 8,170 6,210 5,810 5,150 4,650 4,600 $4,650 7/10 $2,560 DEP 7/22 3,140 DEP 7/31 7/2 530 S 590 CHK 7/10 531 7/14 532 1,9 7/18 7/22 533 3,800 CHK 7/26 7/30 1,500 CHK 400 NSF 500 EFT 50 INT 60 CHK 50 SF $5,750 $8,800 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: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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