Question

[The following information applies to the questions displayed below.] The cash records and bank statement for...

[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, 2018, to July 31, 2018
Cash Balance
July 1, 2018
+ Deposits Checks = Cash Balance
July 31, 2018
$6,790         $8,180      $8,040         $6,930        
Deposits Checks
Date Desc. Amount Date No. Desc. Amount
   7/9 Sales $ 2,480         7/7 531       Rent $ 1,420     
   7/21 Sales 3,060         7/12 532       Salaries 1,880     
   7/31 Sales 2,640         7/19 533       Equipment 2,700     
   7/22 534       Utilities 820     
   7/30 535       Advertising 1,220     
$ 8,180      $ 8,040     
  P.O. Box 123878
  Gotebo, OK 73041
  (580) 377-OKIE
FIDELITY UNION
You Can Bank On Us
Member FDIC
  Account Holder:     Glover Incorporated
    519 Main Street
    Gotebo, OK 73041
Account Number:

Statement Date:
2252790471

July 31, 2018
Beginning Balance Deposits and Credits Withdrawals
and Debits
Ending Balance
July 1, 2018 No. Total No. Total July 31, 2018
$ 7,300 3 $ 5,582 7 $ 7,592 $ 5,290
Deposits and Credits Withdrawals and Debits Daily Balance
Date Amount Desc. Date No. Amount Desc. Date Amount
7/10 $ 2,480          DEP     7/2 530 $    510          CHK     7/2 $ 6,790    
7/22 3,060          DEP     7/10 531 1,420          CHK     7/10 7,850    
7/31 42          INT     7/14 532 1,880          CHK     7/14 5,970    
    7/18 320          NSF     7/18 5,650    
    7/22 533 3,000          CHK     7/22 5,710    
    7/26 420          EFT     7/26 5,290    
    7/30 42          SF     7/30 5,248    
         
$ 5,582      $ 7,592          7/31 $ 5,290    
Desc. DEP Customer deposit INT Interest earned SF Service fees
NOTE Note collected CHK Customer check NSF Nonsufficient funds
EFT Electronic funds transfer

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, 2018.
b. Check #533 is correctly processed by the bank.
c. The EFT on July 26 relates to the purchase of office supplies.

2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
  

Record the entries that increase and decrease cash

Homework Answers

Answer #1

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