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 Cash Balance July 1, Cash Canh July 31, 2021 Receipts Disbursementa 2021 $6,950 $8,300 58,600 $6,650 Cash Receipt Cash Disbursementa Date Desc. Amount Date Check Dene. Amount 7/9 Sales $2,520 7/7 531 Rent $1,460 7/21 Sales 3.100 7/12 532 Salaries 1.920 7/31 Sales 2,680 7/19 533 Equipment 3,100 7/22 534 Utilities 860 7/30 535 Advertising 1,260 58,300 $8,600 Member FDIC 2252790471 July 31, 2021 P.O. Box 123878 PIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 377-OKTE Account Holder Glover Incorporated Account Numbers 519 Main Street Gotebo, OK 73041 Statement Date: Withdrawals and Beginning Balance Deposits and Credits Debits July 1, 2021 NO Total NO. Total $7,500 3 $5,666 7 58.296 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc 7/10 $2,520 DEP 7/2 530 $ 550 CHK 7/22 3,100 DEP 7/10 531 1.460 CHK 7/31 46 INT 7/14 532 1,920 CHK 7/18 360 NST 7/22 533 3,600 CHK 7/26 460 2/30 46 SF inding Balance July 31, 2021 $ 4,770 Daily Balance Date Amount 7/2 $6,950 7/10 8,010 7/14 6,090 7/18 5,730 7/22 5,230 7/26 4,770 7/30 4,724 2252790471 su Account Holdert Glover Incorporated Account Numbert 519 Main Street Cotebo, OK 73041 statement Dates Beginning Balance withdrawals and Deposits and Credits Debito July 1, 2021 NO Total NO. Total 57,500 2 15,666 7 Deposits and Credits Withdrawals and Debita Date Amount Den Date NO Amount 9/10 52,520 DEP 3550 7/22 3.100 DEP 7/10 531 1.460 CH 7/31 46 INT 7/14 532 1,920 CHOK 7/10 360 NET 7/22 3,600 CKK 7/26 460 EFT 7/30 ST 772 530 CH July 31, 2021 Teding Balance July 31, 2021 3.4.210 Daily nalang DATO Amunt 36,950 7/10 0.010 7/14 6.090 7/10 5.230 7/22 5,230 7/26 4.770 7/30 4.724 7/31 14.790 772 $5,666 58,396 Dese. DEP Customer deposit NOTE Note collected EPT Electronie funds transfer INT Interest warned CHK Customer check SY 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 indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) 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 Per general ledger Deposits outstanding Company error Checks outstanding Interest earned NSF check Service fees Office supplies Bank balance per reconciliation Company balance per reconciliation
