The cash records and bank statement for the month of July for Glover Incorporated are shown...
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The cash records and bank statement for the month of July for Glover Incorporated are shown below. Cash Balance July 1, 2021 $7,310 Date 7/9 7/21 7/31 Cash Receipts $8,570 Cash Receipts Desc. Sales Sales Sales P.O. Box 123878 Gotebo, OK 73041 (580) 377-OKIE Account Holder: Date 7/10 7/22 7/31 + Desc. $5,855 GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Beginning Balance July 1, 2021 $7,950 Deposits and Credits Amount $2,610 3,190 55 Amount Date $2,610 3,190 2,770 7/19 7/22 7/30 Additional information: $8,570 7/7 7/12 Glover Incorporated 519 Main Street Gotebo, OK 73041 Desc. DEP DEP INT Deposits and Credits NO. 3 Date 7/2 7/10 Cash Disbursements $9,860 7/14 7/18 DEP Customer deposit NOTE Note collected EFT Electronic funda ransfer 7/22 7/26 7/30 FIDELITY UNION You Can Bank On Us Check# 531 532 533 534 535 Cash Disbursements Total $5,855 No. 530 531 532 Desc. Rent $33 Salaries Equipment Utilities Advertising Account Number: Statement Date: Withdrawals and Debits NO. 7 Withdrawals and Debits: Amount $ 640 1,550 2,010 450 4,500 550 55 49.755 Cash Balance July 31, INT Interest earned CHK Customer check Total $ 9,755 Deac. CHK CHK CHK NSE CHK KET SE 2021 $6,020 Amount $1,550 2,010 4,000 950 1,350 $9,860 Member FDIC 2252790471 July 31, 2021 Ending Balance July 31, 2021 $ 4,050 Daily Balance, Date 7/2 7/10 7/14 7/18 7/22 7/26 7/30 7/31 SP Service fees NSF Nonsufficient funds Amount $7,310 8,370 6,360 5,910 4,600 4,050 3,995 $4,050 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. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entries that increase cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal 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. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the entries that decrease cash. Note: Enter debits before credits. Transaction 2 Record entry General Journal Debit Credit View general journal The cash records and bank statement for the month of July for Glover Incorporated are shown below. Cash Balance July 1, 2021 $7,310 Date 7/9 7/21 7/31 Cash Receipts $8,570 Cash Receipts Desc. Sales Sales Sales P.O. Box 123878 Gotebo, OK 73041 (580) 377-OKIE Account Holder: Date 7/10 7/22 7/31 + Desc. $5,855 GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Beginning Balance July 1, 2021 $7,950 Deposits and Credits Amount $2,610 3,190 55 Amount Date $2,610 3,190 2,770 7/19 7/22 7/30 Additional information: $8,570 7/7 7/12 Glover Incorporated 519 Main Street Gotebo, OK 73041 Desc. DEP DEP INT Deposits and Credits NO. 3 Date 7/2 7/10 Cash Disbursements $9,860 7/14 7/18 DEP Customer deposit NOTE Note collected EFT Electronic funda ransfer 7/22 7/26 7/30 FIDELITY UNION You Can Bank On Us Check# 531 532 533 534 535 Cash Disbursements Total $5,855 No. 530 531 532 Desc. Rent $33 Salaries Equipment Utilities Advertising Account Number: Statement Date: Withdrawals and Debits NO. 7 Withdrawals and Debits: Amount $ 640 1,550 2,010 450 4,500 550 55 49.755 Cash Balance July 31, INT Interest earned CHK Customer check Total $ 9,755 Deac. CHK CHK CHK NSE CHK KET SE 2021 $6,020 Amount $1,550 2,010 4,000 950 1,350 $9,860 Member FDIC 2252790471 July 31, 2021 Ending Balance July 31, 2021 $ 4,050 Daily Balance, Date 7/2 7/10 7/14 7/18 7/22 7/26 7/30 7/31 SP Service fees NSF Nonsufficient funds Amount $7,310 8,370 6,360 5,910 4,600 4,050 3,995 $4,050 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. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entries that increase cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal 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. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the entries that decrease cash. Note: Enter debits before credits. Transaction 2 Record entry General Journal Debit Credit View general journal
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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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