The cash records and bank statement for the month of July for Jim Incorporated are shown below. Jim Incorporated Cash Account Records July 1, 2018 to July 31, 2018 Cash Balance Deposits Checks Cash Balance 1-Jul-18 31-Jul-18 $9,750 $10,330 $9,570 $10,510 Deposits Checks Date Desc. Amount Date No. Desc. Amount 9-Jul Sales $2,610 7-Jul 531 Rent $1,400 21-Jul Sales 3,340 12-Jul 532 Salaries 1,950 31-Jul Sales 4,380 19-Jul 533 Equipment 3,900 22-Jul 534 Utilities 820 30-Jul 535 Advertising 1,500 $10,330 $9,570 P.O. Box 123878 Watonga, OK 73772 (580) 377-OKIE Reliable Union Member FDIC You Can Bank On Us Account Holder: Jim Incorporated 519 Main Street Watonga, OK 73772 Account Number: 2252790471 Statement Date: July 31, 2018 Beginning Balance Deposits and Credits Withdraws and Debits Ending Balance 1-Jul-18 No. Total No. Total 31-Jul-18 $10,250 3 $6,110 7 $9,325 $7,035 Deposits and Credits Withdraws and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount 10-Jul $2,610 DEP 2-Jul 530 $500 CHK 22-Jul 3,340 DEP 10-Jul 531 1,400 CHK 31-Jul 160 INT 14-Jul 532 1,950 CHK 18-Jul 550 NSF 22-Jul 533 4,300 CHK 26-Jul 550 EFT 30-Jul 75 SF $6,110 $9,325 31-Jul $7,035 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: 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, 2018. 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, 2018. 2. Record the necessary cash adjustments. What is the company's cash balance prior to the bank reconciliation? Question 8 options: a) 10,510 b) None the these is the correct answer. c) 7,035 d) 9,750