Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
[The following information applies to the questions displayed below) The cash records and bank statement for the month of July for Glover Incorporated are shown
[The following information applies to the questions displayed below) 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 July 1 Cash 2021 Receiptis 56.710 $8,120 Cash Receipts Date Dese. 7/9 Sales 7/21 Sales 7/31 Salen Cash Balance July 31, 2021 $7,070 Amount $2,460 3.040 2.620 Date 7/7 7/12 7/19 7/22 7/30 Caah Disbursemente $7,760 Cash Disbursement Check Deac. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $1,400 1,860 2.500 000 1,200 $7,760 $0.120 P.O. Box 123878 Gotebo, Ox 73041 (50) Hp Account Holder PIDELITY UNION You can Bank On Us Member for Account Number 2252790474 Glover Incorporated 519 Main Street Gotebo, OK 73041 July 31, 2021 Statement Dates withdrawals and Debito Beginning balance . Deponits and Credito inding Balance co Member FDIC 2252790471 July 31, 2021 NO. P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 377-OKIE Account Holder Clover Incorporated Account Number: 519 Main Street Gotebo, OK 73041 Statement Dates Withdrawala and Beginning Balance Deponits and Credits Debita July 1, 2021 Total NO. Total $7,200 3 $5,540 7 $ 7,490 Deposits and Credits withdrawals and Debito Date Amount Desc. Date No. Amount Dese. 7/10 52,460 DEP 7/2 530 $ 490 CHK 7722 3,040 DEP 7/10 531 1,400 CHK 7/31 40 INT 7/14 532 1,860 CHK 7/18 300 NST 7/22 533 3.000 CHK 7/26 400 7/30 40 ST Ending Dalance July 31, 2021 $5,250 Daily Dalance Date Amount 7/2 $6,710 7/10 7,770 7/14 5,910 7/18 5,610 7/22 5,650 7/26 5,250 7/30 5,210 7/31 $5,250 $5.540 $7,490 Deus. INT Interest earned CHK Customer check SF Service fees NSY Nonaut Eicient fundo DEP Customer deposit NOTE Note collected ET Electronie Eunde transfer Additional Information: a. The difference in the beginning balances in the company's records and the bank statement relates to check #530, 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, 2021. b. Check #533 is correctly processed by the bank. c. The EFT on July 26 relates to the purchase of office supplies. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entries that increase cash. Note: Enter debits before credits. General Journal Transaction 1 Debit Credit Record entry Clear entry View general Journal Journal entry worksheet
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669523d481d0e_068669523d4249c4.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669523d52cc49_068669523d4b903f.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669523d5b1e72_069669523d5547f3.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669523d64f646_069669523d5d5839.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669523d6dfa79_070669523d6805cb.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started