Question

[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 Cash Balance Cath Balance July 1. Cash 2021 - Recept 37.270 $8.50 Cath Receipts July 31, 2021 6.090 Cash Dasbursement TED, 720 Cash Dict Check 521 Salaries Equipment Utilities 535 Advertising 7/21 7/31 Sales Salet Sales $2.000 3. 180 2.760 7/7 7/12 7/19 31.540 2.000 532 53 534 7/22 7/30 3. 900 940 1. 300 $9.720 38.540 Member FDIC 2252790471 P.O. Box 12378 PORTY UNION Gotebook 71041 You Can Bank O y (180) 377-ORIE Account Holders Glover Incorporated Account Shar 519 Main Street Gotebo, OK 73041 Statent Date Beginning Dolce Deposit and credite July 1, 2021 Total $7.900 35.8.34 $0.504 Depositores Debit July 31. 2021 Ending Dance July 1, 2021 5 14230 De 7710 DP 32.600 3.180 7/2 7/10 7 7/10 1/14 1.500 2000 1/16 7/18 7/18 Amount $ 270 210 5.330 990 710 4230 4. 176 14230 1/22 7/25 7/32 7/20 7/30 7/30 59,504 Desc DEP Customer deposit BOTK Sote collected EFT Electronie fundi trwater INT Interest samt CHK Carter check Sy Service fees ESF ficient funda Additional information, 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, 2020 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 minus sign. Total entries to the same account together when entering in the bank reconciliation) < Prey

Answer 1

GLOVER INCORPORATED Bank Reconciliation July 31, 2021 Bank's cash balance Company's cash balance 5 Per Bank statement $ 4,230 Per general ledger 6 Deposits outstanding $ 2,760 Company error 7 Checks outstanding (Check no: 534, 535) | $ -2,280 Interest earned NSF check Service fees 10 Office Supplies $ 6,090 $ -400 $ 54 $ -440 $ -54 $ -540 CO 12 Bank balance per reconciliation $ 4,710 Company balance per reconciliation $ 4,710

B GLOVER INCORPORATED Bank Reconciliation July 31, 2021 Bank's cash balance Company's cash balance 5 Per Bank statement 4230 Per general ledger 6090 6 Deposits outstanding 2760 Company error =3900-4300 7 Checks outstanding (Check no: 534, 535) 1=-940-1340 Interest earned 54 NSF check -440 9 Service fees -54 10 Office Supplies -540 11 12 Bank balance per reconciliation =SUM(B5:37) Company balance per reconciliation |=SUM(D5:010) |