Question

GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 - Cash Balance July 31, 2021 $6,300 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 Advertising Amount $1,510 1,970 3,600 910 1,310 $ 9,300 $ 8,450 Member FDIC 2252790471 P.O. Box 123878 FIDELITY UNION 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 DEP 7/10 1,510 CHK 7/31 51 INT 7/14 532 1,970 CHK 7/18 410 NSF 7/22 4,000 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 $ 4,470 531 533 CHK 51 $5,771 $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.

Answer 1

Kindly select appropriately from the drop downs since the same have not been provided with the question.

1.

GLOVER INCORPORATED
Bank Reconciliation
July 31, 2021
Bank's Cash Balance		Company's Cash Balance
Per bank statement	4470	Per general ledger	6300
Add: Deposits in transit	2730	Add: Interest earned	51
	7200		6351
Less: Outstanding checks		Less: Error in recording Check #533 ($4000 - $3600)	-400
Check #534	-910	NSF Check	-410
Check #535	-1310	EFT payment	-510
		Service fees	-51
Bank balance per reconciliation	4980	Company balance per reconciliation	4980

2.

Transaction	General Journal	Debit	Credit
1	Cash	51
	Interest revenue		51
	(To record the entries that increase cash)
2	Equipment	400
	Accounts receivable	410
	Office supplies	510
	Miscellaneous expense	51
	Cash		1371
	(To record the entries that decrease cash)

Note: The service fees debited by bank have been recorded under miscellaneous expense. Kindly select appropriately.