Answer Happy

The cash records and bank statement for the month of July for Glover Incorporated are shown below. Cash Balance July 1, 2021 $7,030 Date 7/9 7/21 7/31 Cash + Receipts $8,360 Cash Receipts Desc. Sales Sales Sales GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Amount Date $2,540 7/7 3,120 7/12 2,700 $8,360 7/19 7/22 7/30 Cash Disbursements $8,880 Cash Disbursements Check# 531 532 533 534 535 Desc. Rent Salaries Equipment Utilities Advertising Cash Balance July 31, 2021 $6,510 Amount $1,480 1,940 3,300 880 1,280 $8,880

P.O. Box 123878 Gotebo, OK 73041 (580) 377-OKIE Account Holder: Beginning Balance July 1, 2021 $7,600 Deposits and Credits Amount Date 7/10 7/22 7/31 $2,540 3,120 48 $5,708 Glover Incorporated 519 Main Street Gotebo, OK 73041 FIDELITY UNION You Can Bank On Us Deposits and Credits NO. 3 Desc. DEP DEP INT Date 7/2 7/10 7/14 7/18 7/22 7/26 7/30 Total $5,708 No. 530 531 532 Account Number: 533 Statement Date: Withdrawals and Debits 7 Withdrawals and Debits Amount NO. $ 570 1,480 1,940 380 3,600 480 48 $8,498 Total $ 8,498 Desc. CHK CHK CHK NSF CHK EFT SF Member FDIC 2252790471 July 31, 2021 Ending Balance July 31, 2021 $ 4,810 Daily Balance Date 7/2 7/10 7/14 7/18 7/22 7/26 7/30 7/31 Amount $7,030 8,090 6,150 5,770 5,290 4,810 4,762 $4,810

Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer Additional information: INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds 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. (Amounts to be deducted should be indicated wit a minus sign. Total entries to the same account together when entering in the bank reconciliation.)

Required: 1. Prepare a bank reconciliation for Glover's checking account on July 31, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) Bank's Cash Balance Per bank statement Deposits outstanding Checks outstanding Bank balance per reconciliation GLOVER INCORPORATED Bank Reconciliation July 31, 2021 $ Company's Cash Balance 4,810 Per general ledger 2,700 Company error Interest earned NSF check Service fees Office supplies Company balance per reconciliation $ 6,510