Required information 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 $6,300 Cash Balance July 1, Cash 2021 Receipts $7,150 $ 8,450 Cash Receipts Date Desc 7/9 Sales 7/21 Sales 7/31 Sales Amount $2,570 3,150 2,730 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $9,300 Cash Disbursements Check Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $1,510 1,970 3,600 910 1,310 $9,300 $ 8,450 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 $ 7,750 3 $5,771 7 $ 9,051 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 7/10 $2,570 DEP 7/2 530 $ 600 CHK 7/22 3,150 DEP 7/10 531 1,510 CHK 7/31 51 INT 7/14 532 1,970 CHK 7/18 410 NSF 7/22 533 4,000 CHK 7/26 510 EFT 7/30 51 SF Ending Balance July 31, 2021 $ 4,470 Daily Balance Date Amount 7/2 $ 7,150 7/10 8,210 7/14 6,240 7/18 5,830 7/22 4,980 7/26 4,470 7/30 4,419 7/31 $4,470 $5,771 $9,051 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 Part 1 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.) 6,300 GLOVER INCORPORATED Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement $ 4,470 Per general ledger $ Deposits outstanding 2,730 Company error Checks outstanding Interest earned NSF check Service fees Office supplies 51 0 (51) Bank balance per reconciliation Company balance per reconciliation