Problem 4-3B Part 2

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.)

Member FDIC 2252790471 July 31, 2021 P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 377-OKIE 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 $7,600 3 $5,708 7 $ 8,498 Deposits and Credits Withdrawals and Debits Date Amount 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 7/22 533 3,600 CHK 7/26 480 EFT 7/30 SF Ending Balance July 31, 2021 $ 4,810 Daily Balance Date Amount 7/2 $ 7,030 7/10 8,090 7/14 6,150 7/18 5,770 7/22 5,290 7/26 4,810 7/30 4,767 7/31 $ 4,810 48 $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 Problem 4-3B Prepare the bank reconciliation and record cash adjustments (L04-5) (The following information applies to the questions displayed below.) 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 July 31, 2021 $6,510 Cash Balance July 1, Cash 2021 + Receipts $7,030 $8,360 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount $2,540 3,120 2,700 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $8,880 Cash Disbursements Check# Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities Advertising Amount $1,480 1,940 3,300 880 1,280 $8,880 $8,360 Journal entry worksheet Record the entries that increase cash. Note: Enter debits before credits. No Journal Entry Required Transaction Accounts Payable Debit Credit Accounts Receivable Advertising Expense Buildings Journal entry worksheet Record the entries that decrease cash. Note: Enter debits before credits. Transaction General Journal Debit Credit