Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribed

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 $7,000 Cash Balance July 1, Cash 2021 + Receipts $6,750 $8,150 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount $2,470 3,050 2,630 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $7,900 Cash Disbursements Check Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $1,410 1,870 2,600 810 1,210 $ 7,900 $ 8,150 Member FDIC 2252790471 July 31, 2021 P.0. 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 $7,250 3 $5,561 7 $ 7,541 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date Desc. 7/10 $ 2,470 DEP 7/2 530 $ 500 CHK 7/22 3,050 DEP 531 1,410 CHK 7/31 41 INT 7/14 532 1,870 CHK 7/18 310 NSF 7/22 533 3,000 CHK 7/26 410 EFT 7/30 41 SF te No. 7/10 Ending Balance July 31, 2021 $ 5,270 Daily Balance Date Amount 7/2 $6,750 7/10 7,810 7/14 5,940 7/18 5,630 7/22 5,680 7/26 5,270 7/30 5,229 7/31 $5,270 $5,561 $ 7,541 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 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.) View transaction list Journal entry worksheet Record the entries that increase cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Text And Cases

Authors: W. Robert Knechel, Knechel

1st Edition

0538819340, 9780538819343

More Books

Students also viewed these Accounting questions

Question

Use the figure to determine the following. D C A E BC U BD

Answered: 1 week ago

Question

Write down the Limitation of Beer - Lamberts law?

Answered: 1 week ago

Question

Discuss the Hawthorne experiments in detail

Answered: 1 week ago

Question

Explain the characteristics of a good system of control

Answered: 1 week ago

Question

State the importance of control

Answered: 1 week ago

Question

6.5 Identify at least 10 methods used for external recruitment.

Answered: 1 week ago

Question

6.6 Explain two strategies used to recruit nonpermanent staff.

Answered: 1 week ago