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[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, 2018, to July 31, 2018
Cash Balance July 1, 2018 + Deposits Checks = Cash Balance July 31, 2018

$6,790 $8,180 $8,040 $6,930
Deposits Checks

Date Desc. Amount Date No. Desc. Amount

7/9 Sales $ 2,480 7/7 531 Rent $ 1,420
7/21 Sales 3,060 7/12 532 Salaries 1,880
7/31 Sales 2,640 7/19 533 Equipment 2,700
7/22 534 Utilities 820
7/30 535 Advertising 1,220

$ 8,180 $ 8,040

P.O. Box 123878 Gotebo, OK 73041 (580) 377-OKIE FIDELITY UNION You Can Bank On Us Member FDIC
Account Holder: Glover Incorporated 519 Main Street Gotebo, OK 73041 Account Number: Statement Date: 2252790471 July 31, 2018

Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance

July 1, 2018 No. Total No. Total July 31, 2018

$ 7,300 3 $ 5,582 7 $ 7,592 $ 5,290
Deposits and Credits Withdrawals and Debits Daily Balance

Date Amount Desc. Date No. Amount Desc. Date Amount

7/10 $ 2,480 DEP 7/2 530 $ 510 CHK 7/2 $ 6,790
7/22 3,060 DEP 7/10 531 1,420 CHK 7/10 7,850
7/31 42 INT 7/14 532 1,880 CHK 7/14 5,970
7/18 320 NSF 7/18 5,650
7/22 533 3,000 CHK 7/22 5,710
7/26 420 EFT 7/26 5,290
7/30 42 SF 7/30 5,248

$ 5,582 $ 7,592 7/31 $ 5,290

Desc. DEP Customer deposit INT Interest earned SF Service fees
NOTE Note collected CHK Customer check NSF Nonsufficient funds
EFT Electronic funds transfer

Additional information:

a. The difference in the beginning balances in the companys records and the bank statement relates to check #530, which is outstanding as of June 30, 2018. 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 Glovers checking account on July 31, 2018. (Amounts to be deducted should be indicated with a minus sign.)

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