Problem 4-3B Prepare the bank reconciliation and record cash adjustments (LO4-5) [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 $5,740 Cash Balance July 1, Cash 2021 + Receipts $ 7,470 $8,690 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Date Amount $2,650 3,230 2,810 Cash Disbursements $10,420 Cash Disbursements Check Desc. 531 Rent 532 Salaries Equipment Utilities 535 Advertising 7/19 533 Amount $ 1,590 2,050 4,400 990 1,390 $10,420 $8,690 Member FDIC 2252790471 P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (588) 377-OKIE Account Holder: Glover Incorporated Account Number : 519 Main Street Gotebo, OK 73041 Statement Date: Beginning Balance Deposits and Credits Withdrawals and Debits July 1, 2021 NO. Total NO. Total $8,150 $5,939 7 $ 10,159 Deposits and Credits withdrawals and Debits Date Amount Dese. Date No. Amount Dese. 7/10 $2,650 DEP 7/2 530 $ 680 July 31, 2021 Ending Balance July 31, 2021 $ 3.930 Daily Balance Date Amount $7.470 CH 7/2 Member FDIC 2252790471 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: Beginning Balance Deposits and Credits Withdrawals and Debits July 1, 2021 NO. Total NO. Total $8, 150 3 $5,9397 $ 10,159 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 7/10 $2.650 DEP 7/ 2 530 $ 680 CHK 7/22 1.210 DEP 7/10 531 1,590 CHK 7/31 TNT 7/14 532 2,050 7/18 490 NSE 7/22 533 4,700 CHK 7/26 7/30 July 31, 2021 Ending Balance July 31, 2021 $ 3,930 Daily Balance Date Amount 7/2 $ 7,470 7/10 8,530 7/14 6,480 7/18 5,990 7/22 4,520 7/26 3,930 7/30 3,871 7/31 $3,930 CHK 590 EPT $5,939 $10,159 Dese. DEP Customer deposit NOTE Note collected EFT Electronie funds transfer INT Interest earned CRK Customer check S F Service fees NSP 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 indicate 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 Service fees Bank balance per reconciliation Company balance per reconciliation Journal entry worksheet Record the entries that increase cash. Note: Enter debits before Transaction General Journal Debit Credit TIL Record entry Clear entry View general journal