The cash records and bank statement for the month of July for Jim Incorporated are shown below.

	JIM INCORPORATED
	Cash Account Records
	July 1, 2021 to July 31, 2021
	Cash Balance										Cash Balance
	July 1, 2021		Cash Receipts						Cash Disbursements		July 31, 2021
	$7,250		$9,370						$8,950		$7,670
	Cash Receipts							Cash Disbursements
	Date		Desc.	Amount				Date	No.	Desc.		Amount
	7/9		Sales	$	2,610			7/7	531	Rent		$	1,400
	7/21		Sales		3,340			7/12	532	Salaries			1,950
	7/31		Sales		3,420			7/19	533	Equipment			3,800
								7/22	534	Utilities			600
								7/30	535	Advertising			1,200
				$	9,370							$	8,950

P.O. Box 123878

RELIABLE UNION

Member FDIC

Watonga, OK 73772

You Can Bank On Us

(580) 377-OKIE

Account Holder:

Jim Incorporated

Account Number:

2252790471

519 Main Street

Watonga, OK 73772

Statement Date:

July 31, 2021

Beginning Balance

Deposits and Credits

Withdraws and Debits

Ending Balance

July 1, 2021

No.

Total

No.

Total

July 31, 2021

$7,750

3

$6,010

7

$8,625

$5,135

Deposits and Credits

Withdraws and Debits

Daily Balance

Date

Amount

Desc.

Date

No.

Amount

Desc.

Date

Amount

7/10

$

2,610

DEP

7/2

530

$

500

CHK

7/2

$

7,250

7/22

3,340

DEP

7/10

531

1,400

CHK

7/10

8,460

7/31

60

INT

7/14

532

1,950

CHK

7/14

6,510

7/18

300

NSF

7/18

6,210

7/22

533

4,000

CHK

7/22

5,550

7/26

400

EFT

7/26

5,150

7/30

75

SF

7/30

5,075

$

6,010

$

8,625

7/31

$

5,135

Desc.		DEP Customer deposit		INT Interest earned		SF Service fees
		NOTE Note collected		CHK Customer check		NSF Non-sufficient funds
		EFT Electronic funds transfer

Additional information:

1. 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.
2. Check #533 is correctly processed by the bank.
3. The EFT on July 26 relates to the purchase of office supplies.

Required:

1. Prepare a bank reconciliation for Jim Incorporated's checking account on July 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)