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 Cash Balance July 31, 2021 $6,510 Disbursements Cash Balance July 1, Cash 2021 + Receipts $7,030 $8,360 Cash Receipt Date Done. 7/9 Sales 7/21 Sales 7/31 Sales $8,880 Cash Disbursements Amount Data Dene. $2,540 3, 120 2,700 7/7 7/12 7/19 7/22 7/30 Check 531 532 533 534 535 Rent Salaries Equipment Utilities Advertising Amount $1,480 1,940 3,300 880 1,280 $8,880 $8,360 Member PDIC Account Holder 2252790471 July 31, 2021 P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 377-OKTE Clover Incorporated Account Number: 519 Main Street Gotebo, OK 73041 Statement Date: Withdrawals and Beginning Balance Deposits and Credits Debito July 1, 2021 NO. Total NO. Total $7,600 3 $5,708 7 $ 8,498 Deposits and Credits Withdrawals and Debits Amount Desc. Date No. Amount Desc. $2,540 DEP 7/2 530 $ 570 CHK 7/22 3,120 DEP 7/10 531 1,480 CHK 7/31 48 INT 7/14 532 1,940 CHK 7/18 380 NSF 7/22 533 3,600 CHK 7/26 480 EFT 7/30 48 SE Date 7/10 Ending Balance July 31, 2021 $ 4,810 Daily Balance Date Amount 7/2 $7,030 7/10 8,090 7/14 6,150 7/18 5,770 7/22 5,290 7/26 4,810 7/30 4,762 7/31 $4,810 $5,708 $ 5,708 $8,498 Dese. DEP Customer deposit NOTE Note collected EPT Electronic funds transfer INT Interest earned CHK Customer check SF 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.) GLOVER INCORPORATED Bank Reconciliation Bank's Cash Balance $ 6,510 Per bank statement Deposits outstanding Checks outstanding July 31, 2021 Company's Cash Balance 4,810 Per general ledger $ 2,700 Company error Interest earned NSF check Service fees Office supplies Bank balance per reconciliation Company balance per reconciliation We 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 1 2 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
