The cash records and bank statement for the month of July for Glover Incorporated are shown next.

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, 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 Glover’s checking account on July 31, 2024.
2. Record the necessary cash adjustments.

Transcribed Image Text:

Cash Balance July 1, 2024 $7,510 Date 7/9 7/21 7/31 + Cash Receipts $8,720 Cash Receipts Desc. Amount Sales $2,660 Sales Sales 3,240 2,820 GLOVER INCORPORATED Cash Account Records July 1, 2024, to July 31, 2024 $8,720 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $10,560 Desc. Cash Disbursements Memo EFT EFT DC Cash Balance July 31, 2024 $5,670 CHK #531 CHK # 532 Rent Salaries Equipment Utilities Advertising Amount $1,600 2,060 4,500 1,000 1,400 $10,560