The cash records and bank statement for the month of July for Jim Incorporated are shown below.

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, 2015.
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, 2015.
2. Record the necessary cashadjustments.

Transcribed Image Text:

Jim Incorporated Cash Account Records July 1, 2015 to July 31, 2015 Cash Balance July 1.2015 7,250 Deposits 9,370 Cash Balance July 31,2015 Checks Deposits Desc. Checks Desc Date 79 Sales 7/21 Sales 7/31 Sales Amount Date 0. Amoun S2,610 3,340 3,420 531 ent 532 Salaries $1,400 1,950 719 $33Eausnt 60 7/30 535 Advertising1.200 722 534 Utilities S9,370 P.O. Box 123878 Watonga, OK 73772 580)377-OKIE Member FDIC Reliable Union You Can Bank On Us Account Holder: Jim Incorporated 519 MainStreet Watonga, OK 73772 Account Number: 2252790471 Statement D July 31, 2015 Beginning Balnce Deposits and Credits Withdraws and Debits Ending Balance July 31, 2015 Total $8,625 7,750 6,010 Withdraws and Debits Date No. Amount Desc 7/2 530 S 500 CHK 7/10 531 1,400 CHK 7/14 532 1950 CHK Daily Balance Date Amount Desc 7/10 S2,610 DEP 7/22 3,340 DEP 7/31 Date Amount $7,250 7/10 8,460 6,510 7/18 6,210 7/22 5,550 7/26 5,150 730 5,075 7/31 5,135 60 INT 300 NSF 7/22 533 4,000 CHK 400 EFT 75 SF S6,010 58.625 INT Interest eamed SF Service fees CHK Customer check NSF Non-sufficient funds Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer