Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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,
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 Balance | Cash Balance | |||||||||||||||||
| July 1, 2021 | + | Cash Receipts | Cash Disbursements | = | July 31, 2021 | |||||||||||||
| $7,350 | $8,600 | $10,000 | $5,950 | |||||||||||||||
| Cash Receipts | Cash Disbursements | |||||||||||||||||
| Date | Desc. | Amount | Date | Check# | Desc. | Amount | ||||||||||||
| 7/9 | Sales | $ | 2,620 | 7/7 | 531 | Rent | $ | 1,560 | ||||||||||
| 7/21 | Sales | 3,200 | 7/12 | 532 | Salaries | 2,020 | ||||||||||||
| 7/31 | Sales | 2,780 | 7/19 | 533 | Equipment | 4,100 | ||||||||||||
| 7/22 | 534 | Utilities | 960 | |||||||||||||||
| 7/30 | 535 | Advertising | 1,360 | |||||||||||||||
| $ | 8,600 | $ | 10,000 | |||||||||||||||
| P.O. Box 123878 | FIDELITY UNION | Member FDIC | |||||||||||||||||||||||||
| Gotebo, OK 73041 | You Can Bank On Us | ||||||||||||||||||||||||||
| (580) 377-OKIE | |||||||||||||||||||||||||||
| Account Holder: | Glover Incorporated | Account Number: | 2252790471 | ||||||||||||||||||||||||
| 519 Main Street | |||||||||||||||||||||||||||
| Gotebo, OK 73041 | Statement Date: | July 31, 2021 | |||||||||||||||||||||||||
| Beginning Balance | Deposits and Credits | Withdrawals and Debits | Ending Balance | ||||||||||||||||||||||||
| July 1, 2021 | NO. | Total | NO. | Total | July 31, 2021 | ||||||||||||||||||||||
| $8,000 | 3 | $5,876 | 7 | $ 9,706 | $ 4,170 | ||||||||||||||||||||||
| Deposits and Credits | Withdrawals and Debits | Daily Balance | |||||||||||||||||||||||||
| Date | Amount | Desc. | Date | No. | Amount | Desc. | Date | Amount | |||||||||||||||||||
| 7/10 | $ | 2,620 | DEP | 7/2 | 530 | $ | 650 | CHK | 7/2 | $ | 7,350 | ||||||||||||||||
| 7/22 | 3,200 | DEP | 7/10 | 531 | 1,560 | CHK | 7/10 | 8,410 | |||||||||||||||||||
| 7/31 | 56 | INT | 7/14 | 532 | 2,020 | CHK | 7/14 | 6,390 | |||||||||||||||||||
| 7/18 | 460 | NSF | 7/18 | 5,930 | |||||||||||||||||||||||
| 7/22 | 533 | 4,400 | CHK | 7/22 | 4,730 | ||||||||||||||||||||||
| 7/26 | 560 | EFT | 7/26 | 4,170 | |||||||||||||||||||||||
| 7/30 | 56 | SF | 7/30 | 4,114 | |||||||||||||||||||||||
| 7/31 | $ | 4,170 | |||||||||||||||||||||||||
| $ | 5,876 | $ | 9,706 | ||||||||||||||||||||||||
| Desc. | DEP Customer deposit | INT Interest earned | SF Service fees |
| NOTE Note collected | CHK Customer check | NSF Nonsufficient funds | |
| EFT Electronic funds transfer |
Additional information:
-
The difference in the beginning balances in the companys records and the bank statement relates to check #530, which is outstanding as of June 30, 2021.
-
Check #533 is correctly processed by the bank.
-
The EFT on July 26 relates to the purchase of office supplies.
Required:
1. Prepare a bank reconciliation for Glovers checking account on July 31, 2021.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started