The cash records and bank statement for the month of July for Glover Incorporated are shown below.
Question:
The cash records and bank statement for the month of July for Glover Incorporated are shown below.
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, 2021.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, 2021.2. Record the necessary cash adjustments.
Transcribed Image Text:
GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Cash Cash Balance July 1, 2021 Receipts $8,720 Disbursements July 31, 2021 $7,510 $10,560 $5,670 Cash Recelpts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount $ 1,600 2,060 4,500 1,000 1,400 $10,560 $2,660 7/9 Sales 7/7 531 Rent Sales 532 7/21 3,240 2,820 7/12 Salaries 7/31 Sales 7/19 533 Equipment 7/22 534 Utilities Advertising 535 7/30 $8,720 P.O. Box 123878 Gotebo, OK 73041 (580) 377-OKIE Fidelity Union Member FDIC You Can Bank On Us Account Holder: Glover Incorporated Account Number: 2252790471 519 Main Street Gotebo, OK 73041 Statement Date: July 31, 2021 Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance July 1, 2021 No. Total No. Total July 31, 2021 $8,200 3 $5,960 $10,410 $3,750 Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount $ 690 $2,660 3,240 DEP 7/10 DEP 7/2 530 CHK 7/2 $7,510 7/22 7/10 531 1,600 CHK 7/10 8,570 6,510 7/31 60 INT 7/14 532 2,060 CHK 7/14 7/18 500 NSF 7/18 6,010 4,350 7/22 533 4,900 CHK 7/22 7/26 600 EFT 7/26 3,750 3,690 7/30 60 SF 7/30 $5,960 $10,410 7/31 $3,750 DEP Customer deposit NOTE Note collected Desc. INT Interest earned SF Service fees CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer
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Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
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