Question

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

Prepare a bank reconciliation for Glover’s checking account on July 31, 2021.

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 NO. 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 Dator withdrawals and Beginning Balance Deposits and Credits Dobito July 1, 2021 NO. Total Total $ 7,450 3 $5,645 7 $ 8,045 Deposits and Credits withdrawals and Debito Date Amount DOS. Date No. Amount Desd. 7/10 $2,510 DEP 7/2 530 $ 540 CHK 7/22 3,090 DEP 1.450 сик 7/31 45 INT 7/14 532 1,910 CHK 7/18 350 NSE 7/22 533 3,300 CHK 7/26 450 7/30 45 SF 7/10 531 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 SF Service fees NSP Nonsufficient funds

Answer 1

GLOVER INCORPORATED
Bank Reconciliation
July 31, 2021
Bank's Cash Balance		Company's Cash Balance
Per Bank Statement	5050	Per general ledger	6720
Deposits outstanding	2670	Company error	-300
Checks outstanding	-2100	Interest earned	45
		NSF check	-350
		Service fees	-45
		Office Supplies	-450
Bank balance per reconciliation	5620	Company balance per reconciliation	5620

Workings:
Checks outstanding:
534	850
535	1250
Checks outstanding	2100
Company error (check 533)	300	=3300-3000