Question

Chapter 4 Connect 1 0 Saved Required information 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 Part 1 of 2 Cash Balance July 31, 2021 $6,300 - points Cash Balance July 1, Cash 2021 + + Receipts $7,150 $8,450 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Amount $2,570 3,150 2,730 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $9,300 Cash Disbursements Check# Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $ 1,510 1,970 3,600 910 1,310 $9,300 eBook $ 8,450 Print Member FDIC References 2252799471 P.O. Box 123878 FIDELITY UNTON Gotebo, OK 73041 You Can Bank On Us (588) 377-OKIE Account Holder: Glover Incorporated Account Number: 519 Main Street Gotebo, OK 73041 Statement Date: Beginning Balance Deposits and Credits Withdrawals and Debits July 1, 2021 NO. Total NO. Total $7,750 3 $5,771 7 $ 9,051 Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 7/10 $2,570 DEP 7/2 530 $ 600 CHK 7/22 3,150 7/10 531 1,510 CHK 7/31 51 INT 7/14 532 1,970 CHK 7/18 410 NSF 7/22 533 4,800 CHK 7/26 510 EFT 7/30 July 31, 2021 Ending Balance July 31, 2021 $ 4,470 Daily Balance Date Amount 7/2 $ 7,150 7/10 8,210 7/14 6,240 7/18 5,830 7/22 4,980 7/26 4,470 7/30 4,419 7/31 $ 4,470 DEP $9,051 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds 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, 2021. b. Check #533 is correctly processed by the bank. c. The EFT on July 26 relates to the purchase of office supplies.
Can you explain how to complete this? I am stuck.

Answer 1

Bank's cash balance		Company's cash balance
Per Bank statement	4470	Per general ledger	6300
Deposits outstanding	2730	Interest earned	51
Checks outstanding	-2220	Office supplies	-510
		NSF check	-410
		Service fees	-51
		Company error	-400
Bank balance per reconciliation	4980	Company balance per reconciliation	4980
Workings:
Deposits outstanding (7/31 Sales)	2730
Checks outstanding(534 and 535)	2220	=910+1310
Company error (533)	400	=4000-3600