Required information [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 $5,670 Cash Balance July 1, Cash 2021 Receipts $7,510 $8,720 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount $2,660 3,240 2,820 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $10,560 Cash Disbursements Check# Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $ 1,600 2,060 4,500 1,000 1,400 $10,560 $8,720 Member FDIC 2252790471 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: Beginning Balance Deposits and Credits Withdrawals and Debits July 1, 2021 NO. Total NO. Total $8,200 3 $5,960 7 $ 10,410 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 7/10 $2.660 DEP 7/2 530 699 CHK July 31, 2021 Ending Balance July 31, 2021 $ 3,750 Daily Balance Date Amount 7/2 $7.510 Member FDIC 2252790471 P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 377-0KIE 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 $8,200 3 $5,960 7 $ 10,410 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 7/10 $2,660 DEP 7/2 530 $ 690 CHK 7/22 3,240 DEP 7/10 531 CHK 7/31 60 7/14 532 2,060 CHK 7/18 500 NSF 7/22 533 4,900 CHK 7/26 600 EFT 7/30 60 SF July 31, 2021 Ending Balance July 31, 2021 $ 3,750 Daily Balance Date Amount 7/2 $7,510 7/10 8,570 7/14 6,510 7/18 6,010 7/22 4,350 7/26 3,750 7/30 3,690 7/31 $3,750 1,600 INT $5,960 $10,410 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. 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.) GLOVER INCORPORATED Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement $ 3,750 Per general ledger $ Deposits outstanding 2,820 Interest earned Checks outstanding Company error NSF check 5,670 60 Office supplies Service fees Bank balance per reconciliation Company balance per reconciliation Journal entry worksheet Record the entries that increase cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet Record the entries that decrease cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Cash 60 Record entry Clear entry View general journal