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, 2021, to July 31, 2021
Cash Balance Cash Balance
July 1, 2021 + Cash Receipts Cash Disbursements = July 31, 2021
$7,510 $8,720 $10,560 $5,670
Cash Receipts Cash Disbursements
Date Desc. Amount Date Check# Desc. Amount
7/9 Sales $ 2,660 7/7 531 Rent $ 1,600
7/21 Sales 3,240 7/12 532 Salaries 2,060
7/31 Sales 2,820 7/19 533 Equipment 4,500
7/22 534 Utilities 1,000
7/30 535 Advertising 1,400
$ 8,720 $ 10,560
P.O. Box 123878 FIDELITY UNION Member FDIC
Gotebo, OK 73041 You Can Bank On Us
(580) 377-OKIE
Account Holder: Glover Incorporated Account Number: 2252790471
519 Main Street
Gotebo, OK 73041 Statement Date: July 31, 2021
Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance
July 1, 2021 NO. Total NO. Total July 31, 2021
$8,200 3 $5,960 7 $ 10,410 $ 3,750
Deposits and Credits Withdrawals and Debits Daily Balance
Date Amount Desc. Date No. Amount Desc. Date Amount
7/10 $ 2,660 DEP 7/2 530 $ 690 CHK 7/2 $ 7,510
7/22 3,240 DEP 7/10 531 1,600 CHK 7/10 8,570
7/31 60 INT 7/14 532 2,060 CHK 7/14 6,510
7/18 500 NSF 7/18 6,010
7/22 533 4,900 CHK 7/22 4,350
7/26 600 EFT 7/26 3,750
7/30 60 SF 7/30 3,690
7/31 $ 3,750
$ 5,960 $ 10,410
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:

  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.

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 cash

Homework Answers

Answer #1
Glover Incorporated
Bank Reconciliation
July 31,2021
Banks cash balance Companys cash balance
per bank statement 3,750 per general ledger 5,670
Deposits outstanding 2,820 interest earned 60
NSF check -500
Service fees -60
company error -400
checks outstanding -2400 office supplies -600
Bank balance per reconciliation 4,170 company balance per reconciliation 4,170
TR General Journal Debit Credit
1) Cash 60
interest earned 60
2) Accounts receivable 500
Service fees 60
Equipment 400
office supplies 600
cash 1560
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
[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, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 + Cash Receipts − Cash Disbursements = July 31, 2021 $7,510 $8,720 $10,560 $5,670 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,660 7/7 531 Rent $ 1,600 7/21...
[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     ...
The cash records and bank statement for the month of July for Glover Incorporated are shown...
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 Cash Balance July 1, 2021 + Cash Receipts − Cash Disbursements = July 31, 2021 $7,350 $8,600 $10,000 $5,950 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,620 7/7 531 Rent $ 1,560 7/21 Sales 3,200 7/12 532 Salaries 2,020 7/31 Sales 2,780...
The cash records and bank statement for the month of May for Diaz Entertainment are shown...
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31, 2021 $5,280 $12,040 $12,220 $5,100 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,460 5/7 471 Legal fees $ 1,300 5/10 Sales 1,890 5/12 472 Property tax 1,670 5/17...
An examination of the cash activities during the year shows the following.         GREAT ADVENTURES Cash...
An examination of the cash activities during the year shows the following.         GREAT ADVENTURES Cash Account Records July 1, 2018, to December 31, 2018 Deposits Checks/Debit Cards   Date   Desc. Amount   Date No.   Desc. Amount   7/1   Stock sale $ 25,000       7/1 101   Insurance $ 5,640      7/15   Clinic receipts 2,000       7/2 102   Legal fees 1,850      7/22   Clinic receipts 1,840       7/7 DC   Advertising 370      7/30   Clinic receipts 5,500       7/8 103   Bikes 12,700      8/1   Borrowing...
An examination of the cash activities during the year shows the following.         GREAT ADVENTURES Cash...
An examination of the cash activities during the year shows the following.         GREAT ADVENTURES Cash Account Records July 1, 2021, to December 31, 2021 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/1 Stock sale $ 20,000 7/1 101 Insurance $ 3,840 7/15 Clinic receipts 2,000 7/2 102 Legal fees 1,100 7/22 Clinic receipts 2,300 7/7 DC Advertising 220 7/30 Clinic receipts 4,000 7/8 103 Bikes 11,200 8/1 Borrowing 22,000 7/24 DC Advertising 620 8/10 Clinic...
An examination of the cash activities during the year shows the following.         GREAT ADVENTURES Cash...
An examination of the cash activities during the year shows the following.         GREAT ADVENTURES Cash Account Records July 1, 2021, to December 31, 2021 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/1 Stock sale $ 30,000 7/1 101 Insurance $ 3,600 7/15 Clinic receipts 1,800 7/2 102 Legal fees 1,000 7/22 Clinic receipts 2,760 7/7 DC Advertising 200 7/30 Clinic receipts 3,600 7/8 103 Bikes 11,000 8/1 Borrowing 20,000 7/24 DC Advertising 600 8/10 Clinic...
An examination of the cash activities during the year shows the following. GREAT ADVENTURES Cash Account...
An examination of the cash activities during the year shows the following. GREAT ADVENTURES Cash Account Records July 1, 2021, to December 31, 2021 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/1 Stock sale $ 30,000 7/1 101 Insurance $ 5,400 7/15 Clinic receipts 1,800 7/2 102 Legal fees 1,750 7/22 Clinic receipts 2,760 7/7 DC Advertising 350 7/30 Clinic receipts 3,600 7/8 103 Bikes 12,500 8/1 Borrowing 35,000 7/24 DC Advertising 750 8/10 Clinic receipts...
An examination of the cash activities during the year shows the following.       GREAT ADVENTURES Cash...
An examination of the cash activities during the year shows the following.       GREAT ADVENTURES Cash Account Records July 1, 2018, to December 31, 2018 Deposits Checks/Debit Cards   Date   Desc. Amount   Date No.   Desc. Amount   7/1   Stock sale $ 20,000       7/1 101   Insurance $ 4,800      7/15   Clinic receipts 2,000       7/2 102   Legal fees 1,500      7/22   Clinic receipts 2,300       7/7 DC   Advertising 300      7/30   Clinic receipts 4,000       7/8 103   Bikes 12,000      8/1   Borrowing...
[The following information applies to the questions displayed below.] The following information is available to reconcile...
[The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. Check No. 3031 for $1,482, Check No. 3065 for $382, and Check No. 3069 for $2,281 are outstanding checks as of July 31. Check No. 3056...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT