On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,430. The company's cash receipts for the month total $74,540, of which $71,350 has been deposited in the bank. In addition, the company has written checks for $72,500, of which $71,180 has been processed by the bank. The bank statement reveals an ending balance of $12,530 and includes the following items not yet recorded by Damon: bank service fees of $260, note receivable collected by the bank of $6,100, and interest earned on the account balance plus from the note of $870. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $740 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be Indicated with a minus sign.) DAMON COMPANY Bank Reconciliation October 31, 2021 Company's Cash Balance Per general ledger Bank's Cash Balance Per bank statement Bank balance per reconciliation Company balance per reconciliation Homepage - Fal 2030. Seved ork, Part 2 The cash records and bank statement for the month of July for Glover Incorporated are shown below. Cash Balance July 31, 2021 56,510 GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 1, Cash Cash 2021 Receipts Disbursements 57,030 58,360 58,888 Cash Receipts Cash Disbursements Date Desc Amount Date Check Desc. 7/9 Sales $2,540 7/7 531 Rent 7/21 Sales 3,120 7/12 532 Salaries 7/31 Sales 2,700 7/19 533 Equipment 7/22 534 Utilities 7/38 535 Advertising $8,360 Amount $1,480 1,940 3,388 880 1,280 58,880 Member FDIC 2252790471 July 31, 2021 P.0. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (568) 377 08 It Account Holder: Glover Incorporated Account Number: 519 Main Street Gotebo, OK 73641 Statement Date: Withdrawals and Beginning Balance Deposits and Credits Debits July 1, 2021 NO. Total NO. Total 57,600 3 $5,208 $ 8,498 Deposits and Credits withdrawals and Debits Date Anount Desc. Date No. Amount Desc 7/10 $2,540 DEP 7/2 530 $570 CHK 7/22 3,120 DEP 7/10 531 1,480 CHK 7/31 48 INT 7/14 532 1,940 CHK 7/18 380 NSF Ending Balance July 31, 2021 $ 4,810 Dally Balance Amount 7/2 $7,038 8,098 7/14 6,150 7/18 5,770 Date 7/10 24736 65 W A amaton music (@ DOO do Du F FS FO FB % 3 4 5 6 & 7 8 9 Home Fal 2020 - PR Saved * Part 2 2252798471 July 31, 2021 (580) 471-CHIE Account Holder: Glover Incorporated Account Number: 519 Main Street Gotebo, OK 73841 Statement Date: Withdrawals and Beginning Balance Deposits and Credits Debits July 1, 2021 NO. Total NO. Total 37.680 3 $5,788 7 $ 8,498 Deposits and Credits Withdrawals and Debits Date Anount Date No. Amount Desc. 7/10 $2,540 DEP 7/2 530 $578 CHK 7/22 3,120 DEP 7/10 531 1,480 CHK 7/31 48 INT 7/14 532 1,940 CHK 7/18 380 NSF 7/22 533 3.600 CHK 7/26 480 EFT 7/30 48 SF Desc. Ending Balance July 31, 2021 5.4,810 Daily Balance Date Amount 7/2 $7,630 7/10 8,098 7/14 6,150 7/18 5,770 7/22 5,290 7/26 4,810 7/30 4,762 7/31 $4,810 $5,708 $8,498 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 24,736 65 4 w amazon music aa DD Fd DI FS FO FO F 3 4 & 7 5 6 ( 9 8 Soved Homework, Part 2 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 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 24736 05 ( 4 W A amazon music 30 F DIL ES FY & 3 4 % 5