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

RAVINE INCORPORATED

Cash Account Records

July $1,2024,$ to July $31,2024$

Cash Balance July $1,2024+$ Cash Receipts $$ Cash Disbursements $=$ Cash Balance July $31,2024$

$$7,230$ $$8,510$ $$9,580$ $$6,160$

Cash Receipts Cash Disbursements

Date Description Amount Date Description Memo Amount

$7/9$ Sales $$2,5907/7$ EFT Rent $$1,530$

$7/21$ Sales $3,1707/12$ EFT Salaries $1,990$

$7/31$ Sales $2,7507/19$ DC Equipment $3,800$

$7/22$ CHK number $531$ Utilities $930$

$7/30$ CHK number $532$ Advertising $1,330$

$$8,510$ $$9,580$

P$.$O$.$ Box $123878$ FIDELITY UNION Member FDIC

Gotebo, OK $73041$ You Can Bank On Us

$(580)377-$OKIE

Account Holder: Ravine Incorporated

$519$ Main Street

Gotebo, OK $73041$ Account Number: $2252790471$

Statement Date: July $31,2024$

Beginning Balance July $1,2024$ Deposits and Credits Withdrawals and Debits Ending Balance July $31,2024$

Number Total Number Total

$$7,8503$ $$5,8137$ $ $9,253$ $ $4,410$

Deposits and Credits Withdrawals and Debits Daily Balance

Date Amount Description Date Number Amount Description Date Amount

$7/10$ $$2,590$ DEP $7/2530$ $$620$ CHK $7/2$ $$7,230$

$7/223,170$ DEP $7/101,530$ EFT $7/108,290$

$7/3153$ INT $7/141,990$ EFT $7/146,300$

$7/18430$ NSF $7/185,870$

$7/224,100$ DC $7/224,940$

$7/26530$ EFT $7/264,410$

$7/3053$ SF $7/304,357$

$7/31$ $$4,410$

$$5,813$ $$9,253$

Description 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 company$$s 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 Ravine$$s checking account on July $31,2024.$

$2.$ Record the necessary cash adjustments.