Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
[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 Cash Balance July 1, Cash 2021 + Receipts $7.470 $8,690 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales July 31, 2021 $5, 740 Amount $2,650 3,230 2,810 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $10,420 Cash Disbursements Check# Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $ 1,590 2,050 4,400 990 1, 390 $10,420 $8,690 Moeber FDIC 2252790471 July 31, 2021 P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 37 0 || Account Holder: Glover Incorporated Account Number: 519 Main Street Gotebo, OK 73041 Statement Date Withdrawals and Beginning Balance Deposits and Credits Debits July 1, 2021 NO Total NO. Total $8,150 2 $5,939 7 $ 10, 159 Deposits and Credits Withdrawals and Debits Date Amount Desc Date Amount Desc 7/10 $2,650 DEP 7/2 530 7/22 3,230 $ 680 CHK DEP 7/10 532 7/31 2,590 CHK 59 INT 7/14 532 2. 050 CHK 7/18 490 NSF 7/22 533 4,700 CHK 590 EFT 59 SF 55,939 $10,150 NO. Ending Balance July 31, 2021 $ 1,930 Daily Balance Date Amount 772 57, 470 7/10 8,530 7/14 6,480 7/18 5,990 7/22 4.520 3,930 7/30 3,871 7/31 $3,930 7/26 7/30 7/26 Desc DEP Customer deposit NOTE Note collected EFT Electronie funds transfer INT Interest earned CHK Customer check SF Service Fees NSF Nonsufficient Funds 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. Required: 1. Prepare a bank reconciliation for Glover's checking account on July 31, 2021. (Amosints to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank veconciliation.) GLOVER INCORPORATED Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance Por bank statement Per general ledger 1 2 > Record the entries that increase cash. Note: Enter debits before credits. General Journal Transaction 1 Debit Credit Record entry Clear entry View general Journal 1 33 Record the entries that decrease cash. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Alvin A. Arens . Randal J. Elder . Mark S. Beasley

18th Global Edition

1292448989, 978-1292448985

More Books

Students also viewed these Accounting questions

Question

Please help me evaluate this integral. 8 2 2 v - v

Answered: 1 week ago

Question

Explain the importance of nonverbal messages.

Answered: 1 week ago

Question

Describe the advantages of effective listening.

Answered: 1 week ago

Question

Prepare an employment application.

Answered: 1 week ago