Additional information: a. The difference in the beginning balances in the company's records and the bank statement
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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, 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. Record the amounts that increase cash.
2. Record the amounts that decrease cash.
Transcribed Image Text:
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 $7,070 July 31, 2021 $6,440 Cash Cash Receipta $8,390 Cash Receipts Disbursements $9,020 Cash Disbursements Date Check# Desc. Sales Amount $2,550 3,130 2,710 Date 7/7 Desc. Amount $1,490 7/9 531 Rent 7/21 7/31 Sales 7/12 532 Salaries 1,950 7/19 7/22 7/30 Sales Equipment Utilities Advertising 533 3,400 534 890 535 1,290 $8,390 $9,020 P.O. Box 123878 FIDELITY UNION Member FDIC You Can Bank On Us Gotebo, OK 73041 (580) 377-OKIE Account Holder: Glover Incorporated 519 Main Street Account Number: 2252790471 Gotebo, OK 73041 Statement Date: July 31, 2021 Withdrawals and Deposits and Credits Total Debits Beginning Balance July 1, 2021 $7,650 Deposits and Credits Ending Balance July 31, 2021 $ 4,530 Daily Balance NO. NO. Total 3. $ 8,849 $5,729 Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. Date Amount 530 $ 580 1,490 1,950 7/2 7/10 7/14 7/18 7/10 $2,550 3,130. 7/2 $7,070 8,130 6,180 5,790 5,020 4,530 4,481 $4,530 DEP CHK 7/10 7/14 7/18 7/22 7/26 7/30 7/22 7/31 DEP 531 CHK 49 INT 532 CHK 390 NSP 533 3,900 CHK 7/22 7/26 490 49 EFT SF 7/30 7/31 $5,729 $8,849 SF Service fees DEP Customer deposit NOTE Note collected Desc. INT Interest earned CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 $7,070 July 31, 2021 $6,440 Cash Cash Receipta $8,390 Cash Receipts Disbursements $9,020 Cash Disbursements Date Check# Desc. Sales Amount $2,550 3,130 2,710 Date 7/7 Desc. Amount $1,490 7/9 531 Rent 7/21 7/31 Sales 7/12 532 Salaries 1,950 7/19 7/22 7/30 Sales Equipment Utilities Advertising 533 3,400 534 890 535 1,290 $8,390 $9,020 P.O. Box 123878 FIDELITY UNION Member FDIC You Can Bank On Us Gotebo, OK 73041 (580) 377-OKIE Account Holder: Glover Incorporated 519 Main Street Account Number: 2252790471 Gotebo, OK 73041 Statement Date: July 31, 2021 Withdrawals and Deposits and Credits Total Debits Beginning Balance July 1, 2021 $7,650 Deposits and Credits Ending Balance July 31, 2021 $ 4,530 Daily Balance NO. NO. Total 3. $ 8,849 $5,729 Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. Date Amount 530 $ 580 1,490 1,950 7/2 7/10 7/14 7/18 7/10 $2,550 3,130. 7/2 $7,070 8,130 6,180 5,790 5,020 4,530 4,481 $4,530 DEP CHK 7/10 7/14 7/18 7/22 7/26 7/30 7/22 7/31 DEP 531 CHK 49 INT 532 CHK 390 NSP 533 3,900 CHK 7/22 7/26 490 49 EFT SF 7/30 7/31 $5,729 $8,849 SF Service fees DEP Customer deposit NOTE Note collected Desc. INT Interest earned CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
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