1.
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, Cash Cash 2021 Receipts Disbursements July 31, 2021 $7,350 $8, 606 $10, 008 $5,950 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $2, 620 7/7 531 Rent $ 1,560 7/21 Sales 3,200 7/12 532 Salaries 2,020 7/31 Sales 2,780 7/19 533 Equipment 4, 100 7/22 534 Utilities 960 7/30 535 Advertising 1,360 $8, 609 $10, 090 P. 0. Box 123878 FIDELITY UNION Member FDIC Gotebo, OK 73041 You Can Bank On Us (580) 377-OKIE Account Holder: Glover Incorporated Account Number: 2252790471 519 Main Street Gotebo, OK 73041 Statement Date: July 31, 2021 Withdrawals and Beginning Balance Deposits and Credits Debits Ending Balance July 1, 2021 NO. Total NO Total July 31, 2021 $8, 090 $5,876 $ 9,706 $ 4, 170 Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount 7/10 $2, 620 DEP 7/2 530 $ 650 CHK 7/2 $7, 350 7/22 3,200 DEP 7/10 531 1, 560 CHK 7/10 8, 410 7/31 56 INT 7/14 532 2, 020 CHK 7/14 6,390 7/18 460 NSF 7/18 5,930 7/22 533 1, 400 CHK 7/22 4, 730 7/26 560 EFT 7/26 4, 170 7/30 56 SF 7/30 4, 114 7/31 $4, 170 $5, 876 $9, 706 Required: 1. Prepare a bank reconciliation for Glover's checking account on July 31, 2021. (Amounts to be deducted should be minus sign. Total entries to the same account together when entering in the bank reconciliation.) GLOVER INCORPORATED Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation\fExercise 13-5 Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,400 shares of $7 par value common stock to attorneys in payment of a bill for $36,200 for services performed in helping the company to incorporate. June 12 Issued 64,300 shares of $7 par value common stock for cash of $528,100. July 11 Issued 2,500 shares of $100 par value preferred stock for cash at $140 per share. Nov. 28 Purchased 1,850 shares of treasury stock for $80,000. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. JDu ring June. the lConch ran Manufacturing ICompany's costing system reported several variances that the production manager was surprised to see. Most of the company's monthly variances are under 8125, even though they may be either favorable or unfavorable. The following information is for the manufacture of garden gates, its only product. (1} Direct materials price variance, 8800 unfavorable. (2] Direct materials efficiency variance, 51,800 favorable. (3] Direct manufacturing labor price variance, 84.000 favorable. (4) Direct manufacturing labor efficiency variance. 5600 unfavorable. Provide the manager with some ideas as to what may have caused the price Zeal Inc. Incorporation completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Zeal Inc. showed Cash of $8,000 and Zeal Inc., Capital of $45,000. Zeal Inc. incorporation follows the perpetual inventory system. May 3: Sold merchandise for cash to Seliece Co., $5,400. The cost of the merchandise sold was $4,800. May 6: Purchased merchandise on account from Rendick Co., $8,000, terms FOB Destination, 5/10, n/30, The relevant company paid the freight charge of $100. May 7: Purchased Equipment on credit $45,000. The equipment will be used by the business. May 8: Received $500 credit for merchandise inventory returned to Rendick Co. May 12: Paid Rendick Co. in full. May 15: Made refunds to Seliece Co. for defective merchandise $400. The returned merchandise had a scrap value of $50 only. Instruction: Journalize the above mentioned transactions. (Note: for transactions having multiple entries, write the greater entries first. While spaces for multiple entries are given for all the transactions, not all transactions will have multiple entries)
