Question

Cash Balance July 31, 2021 $6,510 Cash Balance July 1, Cash 2021 + Receipts $7,030 $8,360 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount $2,540 3,120 2,700 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $8,880 Cash Disbursements Check Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $1,480 1,940 3,300 880 1,280 $8,880 $8,360 Member FDIC 2252790471 July 31, 2021 P.O. Box 123878 FIDELITY UNION Gotebo, OK 73041 You Can Bank On Us (580) 377-OKIE 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 $7,600 3 $5,708 7 $ 8,498 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 7/10 $2,540 DEP 7/2 530 $ 570 CHK 7/22 3,120 DEP 7/10 531 1,480 CHK 7/31 48 INT 7/14 532 1,940 CHK 7/18 380 NSF 7/22 533 3,600 CHK 7/26 480 EFT 7/30 48 SF Ending Balance July 31, 2021 $ 4,810 Daily Balance Date Amount 7/2 $7,030 7/10 8,090 7/14 6,150 7/18 5,770 7/22 5, 290 7/26 4,810 7/30 4,762 7/31 $4,810 $5,708 $8,498 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 with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) GLOVER INCORPORATED Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation

Answer 1

A B С D 1 GLOVER INCORPORATED 2 Bank Reconciliation 3 July 31, 2021 4 Bank's cash balance Company's cash balance 5 Per Bank statement $ 4,810 Per general ledger $ 6,510 6 Deposits outstanding $ 2,700 Company error $ -300 7 Checks outstanding (Check no: 534, 535) $ -2,160 Interest earned $ 48 8 NSF check $ -380 9 Service fees $ -48 10 Office Supplies $ -480 11 12 Bank balance per reconciliation $ 5,350 Company balance per reconciliation $ 5,350 00

D A B C 1 GLOVER INCORPORATED 2 Bank Reconciliation 3 July 31, 2021 4 Bank's cash balance Company's cash balance 5 Per Bank statement 4810 Per general ledger 6510 6 Deposits outstanding 2700 Company error 1=3300-3600 7 Checks outstanding (Check no: 534, 535) --880-1280 Interest earned 48 8 NSF check -380 9 Service fees -48 10 Office Supplies -480 11 12 Bank balance per reconciliation =SUM(B5:37) Company balance per reconciliation =SUM(D5:010)