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NOTE Note collected EFT Electronic funds transfer 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, 2021. b. Check #533 is correctly processed by the bank. c. The EFT on July 26 relates to the purchase of office supplies. Problem 4-3B Part 1 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 21, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement $ 5,030 Per general ledger Deposits outstanding 2,660 Company error Checks outstanding (2.000) interest earned NSF check Service fees Office supplies (42) 340 (44) Bank balance per reconciliations 5.610 Company balance per reconciliation GLUVER INLURPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 31, 2821 $6,790 Cash Balance July 1, Cash 2021 + Receipts 56,870 $8,240 Cash Receipts Date Desc 7/9 Sales 7/21 Sales 7/31 Sales Amount $2,560 3,880 2,660 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements S8, 320 Cash Disbursements Check Desc! 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $1,440 1,900 2, 900 840 1, 240 $8,320 $8,240 Member FDIC 2252798471 July 31, 2021 NO P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (588) 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 Total 57,400 3 $5,624 7 $ 7,094 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No Amount Desc 7/10 $2,500 DEP 772 530 $ 530 CHK 7/22 3, 080 DEP 7/10 531 1,440 CHK 7/31 44 INT 7/14 532 1,900 CHK 7/18 340 NSF 7/22 533 3,300 CHK 7/26 448 EFT 7/30 44 SF Ending Balance July 31, 2021 $ 5,038 Daily Balance Date Amount 742 36,870 7210 7,939 7/14 6,930 7/18 5,690 7/22 5,47 7/26 5,030 7/30 4,986 7/31 $5,030 $5,624 $7,994 Desc DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds