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
$6,870	$8,240	$8,320	$6,790
Cash Receipts		Cash Disbursements
Date	Description	Amount		Date	Description	Memo	Amount
7/9	Sales	$2,500		7/7	EFT	Rent	$1,440
7/21	Sales	3,080		7/12	EFT	Salaries	1,900
7/31	Sales	2,660		7/19	DC	Equipment	2,900
				7/22	CHK number 531	Utilities	840
				7/30	CHK number 532	Advertising	1,240
		$8,240					$8,320

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
$7,400	3	$5,624	7	$ 7,994	$ 5,030
Deposits and Credits	Withdrawals and Debits	Daily Balance
Date	Amount	Description	Date	Number	Amount	Description	Date	Amount
7/10	$2,500	DEP	7/2	530	$530	CHK	7/2	$6,870
7/22	3,080	DEP	7/10		1,440	EFT	7/10	7,930
7/31	44	INT	7/14		1,900	EFT	7/14	6,030
			7/18		340	NSF	7/18	5,690
			7/22		3,300	DC	7/22	5,470
			7/26		440	EFT	7/26	5,030
			7/30		44	SF	7/30	4,986
							7/31	$5,030
	$5,624				$7,994

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 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 Ravines checking account on July 31, 2024. 2. Record the necessary cash adjustments.