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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
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, 2018, to July 31, 2018 Cash Balance Cash Balance July 1, 2018 + Deposits Checks July 31, 2018 $7,230 $8,510 $9,580 $6,160 Deposits Checks Date Desc Amount Date No. Desc. Amount 7/9 7/21 7/31 Sales $2,590 Sales 3,170 Sales 2,750 777 531 7/12 532 7/19 533 7/22 534 7/30 535 Rent Salaries Equipment Utilities Advertising $ 1.530 1,990 3,800 930 1,330 P.O. Box 123878 Gotebo, OK 73041 (580) 377-OKIE FIDELITY UNION You Can Bank On Us Member FDIC Account Holder: Account Number: 2252790471 Glover Incorporated 519 Main Street Gotebo, OK 73041 Statement Date: July 31, 2018 Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance July 1, 2018 No. Total No. Total July 31, 2018 $ 7,850 3 $ 5,813 7 $ 9,253 $ 4,410 Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc Date No. Amount Desc Date Amount 7/10 7/22 7/31 $ 2,590 3,170 53 DEP DEP INT 7/2 7/10 7/14 7/18 530 531 532 $ 620 1,530 1,990 430 CHK CHK CHK NSF 7/2 7/10 7/14 7/18 $ 7,230 8,290 6,300 5,870 7/18 7/22 7/26 7/30 533 430 4,100 530 53 NSF CHK EFT 7/18 7/22 7/26 7/30 5,870 4,940 4,410 4,357 SF $ 5,813 $ 9,253 7/31 $ 4,410 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned SF Service fees CHK Customer check 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, 2018. 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, 2018. (Amounts to be deducted should be indicate minus sign.)
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