Cash Balance July 1, 2024 Cash Receipts $6,990 + $8,330 RAVINE INCORPORATED Cash Account Records July...

Transcribed Image Text:

Cash Balance July 1, 2024 Cash Receipts $6,990 + $8,330 RAVINE INCORPORATED Cash Account Records July 1, 2024, to July 31, 2024 Cash Disbursements Cash Disbursements Date 7/9 7/21 7/31 Cash Balance July 31, 2024 $8,740 $6,580 Cash Receipts Description Amount Date Description Sales $2,530 7/7 EFT Memo Rent Amount $1,470 Sales 3,110 7/12 EFT Salaries 1,930 Sales 2,690 7/19 DC Equipment 3,200 7/22 CHK number 531 7/30 CHK number 532 Utilities Advertising 870 1,270 $8,330 $8,740 P.O. Box 123878 Gotebo, OK 73041 (580) 377-OKIE Account Holder: Beginning Balance July 1, 2024 $7,550 FIDELITY UNION You Can Bank On Us Ravine Incorporated 519 Main Street Gotebo, OK 73041 Account Number: Statement Date: Deposits and Credits Number 3 Total $5,687 Number 7 Total $ 8,447 Withdrawals and Debits Member FDIC 2252790471 July 31, 2024 Ending Balance July 31, 2024 $ 4,790 Deposits and Credits Withdrawals and Debits Daily Balance Date 7/10 7/22 7/31 Amount Description Date $2,530 DEP 7/2 Number 530 Amount Description Date Amount $560 CHK 7/2 $6,990 3,110 DEP 7/10 1,470 EFT 7/10 8,050 47 INT 7/14 1,930 EFT 7/14 6,120 7/18 370 NSF 7/18 5,750 7/22 3,600 DC 7/22 5,260 7/26 470 EFT 7/26 4,790 7/30 47 SF 7/30 4,743 7/31 $4,790 $5,687 $8,447 Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024. b. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. c. The EFT on July 26 in the bank statement relates to the purchase of office supplies. Required: 1. Prepare a bank reconciliation for Ravine's checking account on July 31, 2024. 2. Record the necessary cash adjustments. Cash Balance July 1, 2024 Cash Receipts $6,990 + $8,330 RAVINE INCORPORATED Cash Account Records July 1, 2024, to July 31, 2024 Cash Disbursements Cash Disbursements Date 7/9 7/21 7/31 Cash Balance July 31, 2024 $8,740 $6,580 Cash Receipts Description Amount Date Description Sales $2,530 7/7 EFT Memo Rent Amount $1,470 Sales 3,110 7/12 EFT Salaries 1,930 Sales 2,690 7/19 DC Equipment 3,200 7/22 CHK number 531 7/30 CHK number 532 Utilities Advertising 870 1,270 $8,330 $8,740 P.O. Box 123878 Gotebo, OK 73041 (580) 377-OKIE Account Holder: Beginning Balance July 1, 2024 $7,550 FIDELITY UNION You Can Bank On Us Ravine Incorporated 519 Main Street Gotebo, OK 73041 Account Number: Statement Date: Deposits and Credits Number 3 Total $5,687 Number 7 Total $ 8,447 Withdrawals and Debits Member FDIC 2252790471 July 31, 2024 Ending Balance July 31, 2024 $ 4,790 Deposits and Credits Withdrawals and Debits Daily Balance Date 7/10 7/22 7/31 Amount Description Date $2,530 DEP 7/2 Number 530 Amount Description Date Amount $560 CHK 7/2 $6,990 3,110 DEP 7/10 1,470 EFT 7/10 8,050 47 INT 7/14 1,930 EFT 7/14 6,120 7/18 370 NSF 7/18 5,750 7/22 3,600 DC 7/22 5,260 7/26 470 EFT 7/26 4,790 7/30 47 SF 7/30 4,743 7/31 $4,790 $5,687 $8,447 Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024. b. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. c. The EFT on July 26 in the bank statement relates to the purchase of office supplies. Required: 1. Prepare a bank reconciliation for Ravine's checking account on July 31, 2024. 2. Record the necessary cash adjustments.