Cash Balance July 31, 2021 $6,440 GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 1, Cash Cash 2021 Receipts Disbursements $7,070 $8,390 $9,020 Cash Receipts Cash Disbursements Date Desc. Amount Date Checks Desc. 779 Sales $2,550 777 531 Rent 7/21 Sales 3,138 7/12 532 Salaries 7/31 Sales 2,710 7/19 533 Equipment 7/22 534 Utilities 7/30 535 Advertising $8,390 Amount $1,490 1,950 3,400 890 1,290 $9,020 22 Member FDIC 2252790471 P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (B) 471-0 IE Account Holder: Glover Incorporated Account Number: 519 Main Street Gotebo, OK 73041 Statement Date: Withdrawals and Beginning Balance Deposits and Credits Debits July 1, 2021 NO. Total NO. Total $7,650 3 $5,729 7 $ 8,849 Deposits and Credits Withdrawals and Debits Amount Desc. Date No. Amount Desc. 7710 $2,550 DEP 7/2 530 $ 580 CHK 7/22 3,130 DEP 7/10 531 1,490 CHK 7/31 49 INT 7/14 532 1,950 CHK 7/18 390 NSF 7/22 533 3,900 CHK 7/26 490 EFT 7/30 49 SF Date July 31, 2021 Ending Balance July 31, 2021 $ 4,530 Daily Balance Date Amount 7/2 $7,070 7/10 8,130 7/14 6,180 7/18 5,790 7/22 5,020 7/26 4,530 7/30 4,481 7/31 $4,530 $5,729 $8,849 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds 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. Prepare a bank reconciliation for Glover's checking account on July 31, 2021. (Amounts to be deducted should be indicated with a 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 Por bank statement $ 4,530 Per general ledger Deposits outstanding Checks outstanding Bank balance per reconciliation Company balance per reconciliation 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 Enter debts before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal
