Question
The cash records and bank statement for the month of July for Eagle Incorporated are shown below. EAGLE INCORPORATEDCash Account RecordsJuly 1, 2024, to July
The cash records and bank statement for the month of July for Eagle Incorporated are shown below.
EAGLE INCORPORATEDCash Account RecordsJuly 1, 2024, to July 31, 2024Cash Balance July 1, 2024+Cash ReceiptsCash Disbursements=Cash Balance July 31, 2024$6,950$8,300$8,600$6,650Cash ReceiptsCash DisbursementsDateDescriptionAmountDateDescriptionMemoAmount7/9Sales$2,5207/7EFTRent$1,4607/21Sales3,1007/12EFTSalaries1,9207/31Sales2,6807/19DCEquipment3,1007/22CHK number 531Utilities8607/30CHK number 532Advertising1,260$8,300$8,600P.O. Box 123878FIDELITY UNIONMember FDICGotebo, OK 73041You Can Bank On Us(580) 377-OKIEAccount Holder:Eagle Incorporated 519 Main Street Gotebo, OK 73041Account Number:2252790471Statement Date:July 31, 2024Beginning Balance July 1, 2024Deposits and CreditsWithdrawals and DebitsEnding Balance July 31, 2024NumberTotalNumberTotal$7,5003$5,6667$ 8,396$ 4,770Deposits and CreditsWithdrawals and DebitsDaily BalanceDateAmountDescriptionDateNumberAmountDescriptionDateAmount7/10$2,520DEP7/2530$550CHK7/2$6,9507/223,100DEP7/101,460EFT7/108,0107/3146INT7/141,920EFT7/146,0907/18360NSF7/185,7307/223,600DC7/225,2307/26460EFT7/264,7707/3046SF7/304,7247/31$4,770$5,666$8,396Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card
Additional information:
The difference in the beginning balances in the companys records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024.
The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank.
The EFT on July 26 in the bank statement relates to the purchase of office supplies.
Required: 1. Prepare a bank reconciliation for Eagles checking account on July 31, 2024. 2. Record the necessary cash adjustments.
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