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

[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, 2021 + Cash Receipts Cash Disbursements = July 31, 2021
$7,510 $8,720 $10,560 $5,670
Cash Receipts Cash Disbursements
Date Desc. Amount Date Check# Desc. Amount
7/9 Sales $ 2,660 7/7 531 Rent $ 1,600
7/21 Sales 3,240 7/12 532 Salaries 2,060
7/31 Sales 2,820 7/19 533 Equipment 4,500
7/22 534 Utilities 1,000
7/30 535 Advertising 1,400
$ 8,720 $ 10,560

P.O. Box 123878 FIDELITY UNION Member FDIC
Gotebo, OK 73041 You Can Bank On Us
(580) 377-OKIE
Account Holder: Glover Incorporated Account Number: 2252790471
519 Main Street
Gotebo, OK 73041 Statement Date: July 31, 2021
Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance
July 1, 2021 NO. Total NO. Total July 31, 2021
$8,200 3 $5,960 7 $ 10,410 $ 3,750
Deposits and Credits Withdrawals and Debits Daily Balance
Date Amount Desc. Date No. Amount Desc. Date Amount
7/10 $ 2,660 DEP 7/2 530 $ 690 CHK 7/2 $ 7,510
7/22 3,240 DEP 7/10 531 1,600 CHK 7/10 8,570
7/31 60 INT 7/14 532 2,060 CHK 7/14 6,510
7/18 500 NSF 7/18 6,010
7/22 533 4,900 CHK 7/22 4,350
7/26 600 EFT 7/26 3,750
7/30 60 SF 7/30 3,690
7/31 $ 3,750
$ 5,960 $ 10,410

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:

  1. 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, 2021.

  2. Check #533 is correctly processed by the bank.

  3. 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.)

-record the entries that increase cash

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

Students also viewed these Accounting questions

Question

the _ keyword performs a test and returns only certain file types

Answered: 1 week ago