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 July 31, 2021 $7,670 Cash Balance July 1, Cash 2021 Receipts $7,250 $9,370 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount $ 2,610 3,340 3,420 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $8,950 Cash Disbursements No. Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $1,400 1,950 3,800 600 1,200 $ 8,950 $9,370 Member FDIC 2252790471 P.O. Box 123878 RELIABLE UNION Watonga, OK 73772 You Can Bank On Us (580) 377-OKIE Account Holder: Jim Incorporated Account Number: 519 Main Street Watonga, OK 73772 Statement Date: Beginning Balance Deposits and Credits Withdraws and Debits July 1, 2021 No. Total No. Total $7,750 3 $6,010 7 $8,625 Deposits and Credits Withdraws and Debits Date Amount Desc. Date No. Amount Desc. 7/10 $ 2,610 DEP 7/2 530 $ 500 CHK 7/22 3,340 DEP 7/10 531 1,400 CHK 7/31 60 INT 7/14 532 1,950 CHK 7/18 300 NSF 7/22 533 CHK 7/26 400 EFT 7/30 75 SF $ 6,010 $ 8,625 July 31, 2021 Ending Balance July 31, 2021 $5,135 Daily Balance Date Amount 7/2 $ 7,250 8,460 7/14 6,510 7/18 6,210 7/22 5,550 7/26 7/30 5,075 7/31 $5,135 7/10 4,000 5,150 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Non-sufficient 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 Jim Incorporated's checking account on July 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) 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 Jim Incorporated's checking account on July 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) JIM INCORPORATED Bank Reconciliation July 31, 2021 Company's Cash Balance Per general ledger Bank's Cash Balance Per bank statement Per reconciliation $ 0 Per reconciliation $ 0 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 Journal entry worksheet
