Question

The cash records and bank statement for the month of July for Glover Incorporated are shown below.
Additional information:

1. 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.

2. Check #533 is correctly processed by the bank.

3. The EFT on July 26 relates to the purchase of office supplies.

   
   

   Record the necessary cash adjustments.
   

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 July 1, Cash 2021 Receipts $6,910 $8,270 Cash Receipts Date Desc. 7/9 Sales 7/21 Sales 7/31 Sales Cash Balance July 31, 2021 $6, 720 Amount $2,510 3,090 2,670 Date 7/7 7/12 7/19 7/22 7/30 Cash Disbursements $8,460 Cash Disbursements Check Desc. 531 Rent 532 Salaries 533 Equipment 534 Utilities 535 Advertising Amount $1,450 1,910 3,000 850 1,250 $8,460 $8,270 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 $ 7,450 3 $5,645 7 $ 8,045 Deposits and Credits Withdrawals and Debits Date Amount Date No. Amount Dese. 7/10 $2,510 DEP 7/2 530 $ 540 CHK 7/22 3,090 DEP 7/10 531 1,450 сек 7/31 45 INT 7/14 532 1,910 CHK 7/18 350 NSP 7/22 533 3,300 CHK 7/26 450 BET 7/30 45 SE Dese. Ending Balance July 31, 2021 $ 5,050 Daily Balance Date Amount 7/2 $6,910 7/10 7,970 7/14 6,060 7/18 5,710 7/22 5,500 7/26 5,050 7/30 5,005 7/31 $5,050 $5,645 $8,045 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SP Service fees NSF Nonsufficient funds

Answer 1

B 5 18-09-2020 - Excel Rohit Garg X ic File Home Insert Page Layout Formulas Data Review View Developer Help FRED Tell me what you want to do & Share f! >AutoSum - Calibri - 11 Å ab Wrap Text General * Cut Еe Copy *Format Painter AY O Fill - Paste BIU ..... >>-A === € Merge & Center D % 4.0 .00 .00 0 Insert Delete Format Conditional Format as Cell Formatting Table Styles Styles Clear Sort & Find & Filter - Select Editing Clipboard Font Alignment Number Cells A9 fx A B с D E F H L M N 1 J K Mapping of the opening balances 2 Particular Date Voucher reference Description Amount in currencyl Adjustment Sno. Particular Date Voucher reference Description Amour 3 Adjustment Sno. 4 5 1. Balance as per the project's accounting records $6,720 1. Balance as per the project's accounting records Check issues but not Presented into the bank Add: ### #530 6 7 Add: 8 2. 2.1. Entries not yet debited or credited by the bank: Cheques issued, not yet debited by the bank: 2. Balance as per the Bank pass book as on 1 july 9 10 11 22-Jul #534 30-Jul $535 Check Issues but not debited Check Issues but not debited $850 $1,250 2.3. $2,670 3. 3.1. Receipts recorded, not yet credited by the bank 31-Jul Sales Entries debited/credited by the bank, not yet recorded: Interests or charges credited/debited by the bank, not yet recorded 31-Jul Interest Received $45 12 Less: 12 13 1s 14 15 Add 16 17 18 Less: 19 20 21 22 Less: 3.2. Amounts debited by the bank, not yet recorded 18-Jul 26-Jul 30-Jui Other: Not Sufficient Fund Electronic fund transfer Service Fee $350 $450 $45 3.3. Amount Wrongly debited less in the Books of account #533 $300 23 24 25 26 27 4. Balance as per the bank's statement $5,050 Sheet1 Sheet2 Sheet3 Sheet4 + Ready B + 80% 1 Type here to search X W 8 A 4) ENG 10:58 19-09-2020 m

Mapping of the opening balances
Adjustment	Sno.	Particular	Date	Voucher reference	Description	Amount in currency
	1.	Balance as per the project's accounting records		$6,910
Add:			30-Jun	#530	Check issues but not Presented into the bank	$540
	2. Balance as per the Bank pass book as on 1 july		$7,450