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. Cash Balance July 31, 2021 $5,880 GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 1, Cash Cash 2021 Receipts Disbursements $7,390 $8,630 $10,140 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. 7/9 Sales $2,630 7/7 531 Rent 7/21 Sales 3, 210 7/12 532 Salaries 7/31 Sales 2,790 7/19 533 Equipment 7/22 534 Utilities 7/30 535 Advertising $8,630 Amount $ 1,570 2,030 4,200 970 1,370 $ 10, 140 Member FDIC 2252790471 July 31, 2021 P.0. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 377-KIE 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 $8,050 3 $5,897 7 $ 9,957 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 7/10 $2,630 DEP 7/2 530 $ 660 7/22 3,210 DEP 531 1,570 CHK 7/31 57 INT 7/14 532 2,030 CHK 7/18 470 NSF 7/22 533 4,600 CHK 570 EFT 57 SF CHK 7/10 Ending Balance July 31, 2021 $ 3,990 Daily Balance Date Amount 7/2 $7,390 7/10 8,450 7/14 6,420 5,950 7/22 4,560 7/26 3,990 7/30 3,933 7/31 $3,990 7/18 7/26 7/30 $5,897 $9,957 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. 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 Per general ledger Bank balance per reconciliation Company balance per reconciliation EFT Electronic funds transfer 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. 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 1 Record entry Clear entry View general journal
