Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 1, 2021 $7,350 Cash Balance Cash Receipts $8,600 Cash Receipts Desc. Sales Sales Sales Cash Disbursements $10,000 Cash Disbursements Checks 531 532 533 534 535 July 31, 2021 $5,950 Date 7/9 7/21 7/31 Amount $2,620 3, 200 2,780 Date 7/7 7/12 7/19 7/22 7/30 Desc. Rent Salaries Equipment Utilities Advertising Amount $ 1,560 2,020 4,100 960 1,360 $10,eee $8,600 P.0. Box 123878 Gotebo, OK 73041 (580) 377-0KIE Account Holder: FIDELITY UNION You Can Bank On Us Member FDIC Glover Incorporated 519 Main Street Gotebo, OK 73041 Account Number: 2252790471 Statement Date: Withdrawals and Debits Total $ 9,706 July 31, 2021 Beginning Balance July 1, 2021 $8,000 Deposits and Credits Date 7/10 7/22 7/31 Deposits and Credits Total $5,876 Ending Balance July 31, 2021 $ 4,170 Daily Balance Amour $7,35 8,41 6,39 5,930 4,73 4,176 4,11 $4,176 NO. NO. Withdrawals and Debits Amount $ 650 1,560 2,020 460 4,400 560 56 Amount $2,620 3,200 Desc. DEP DEP INT Date 7/2 7/10 7/14 7/18 7/22 7/26 7/30 No. 530 531 532 Desc. CHK CHK CHK NSF CHK EFT SF Date 7/2 7/10 7/14 7/18 7/22 26ור 7/30 56 533 $5,876 7/31 $9,706 quired: repare a bank reconciliation for Glover's checking account on July 31, 2021. (Amounts to be deducted shoulc us sign. Total entries to the same account together when entering in the bank reconciliation.) GLOVER INCORPORATED Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance bank statement Per general ledoer
Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 1, 2021 $7,350 Cash Balance Cash Receipts $8,600 Cash Receipts Desc. Sales Sales Sales Cash Disbursements $10,000 Cash Disbursements Checks 531 532 533 534 535 July 31, 2021 $5,950 Date 7/9 7/21 7/31 Amount $2,620 3, 200 2,780 Date 7/7 7/12 7/19 7/22 7/30 Desc. Rent Salaries Equipment Utilities Advertising Amount $ 1,560 2,020 4,100 960 1,360 $10,eee $8,600 P.0. Box 123878 Gotebo, OK 73041 (580) 377-0KIE Account Holder: FIDELITY UNION You Can Bank On Us Member FDIC Glover Incorporated 519 Main Street Gotebo, OK 73041 Account Number: 2252790471 Statement Date: Withdrawals and Debits Total $ 9,706 July 31, 2021 Beginning Balance July 1, 2021 $8,000 Deposits and Credits Date 7/10 7/22 7/31 Deposits and Credits Total $5,876 Ending Balance July 31, 2021 $ 4,170 Daily Balance Amour $7,35 8,41 6,39 5,930 4,73 4,176 4,11 $4,176 NO. NO. Withdrawals and Debits Amount $ 650 1,560 2,020 460 4,400 560 56 Amount $2,620 3,200 Desc. DEP DEP INT Date 7/2 7/10 7/14 7/18 7/22 7/26 7/30 No. 530 531 532 Desc. CHK CHK CHK NSF CHK EFT SF Date 7/2 7/10 7/14 7/18 7/22 26ור 7/30 56 533 $5,876 7/31 $9,706 quired: repare a bank reconciliation for Glover's checking account on July 31, 2021. (Amounts to be deducted shoulc us sign. Total entries to the same account together when entering in the bank reconciliation.) GLOVER INCORPORATED Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance bank statement Per general ledoer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text: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,
2021
Cash Balance
Cash
Receipts
$8,600
Cash Receipts
Desc.
Sales
Sales
Sales
Cash
Disbursements
$10,000
July 31, 2021
$5,950
$7,350
!!
Cash Disbursements
Date
7/9
7/21
7/31
Amount
$2,620
3,200
2,780
Date
7/7
7/12
7/19
7/22
7/30
Check#
531
532
533
534
535
Desc.
Rent
Salaries
Equipment
Utilities
Advertising
Amount
$ 1,560
2,020
4,100
960
1,360
$10,000
$8,600
P.0. Box 123878
Gotebo, OK 73041
(580) 377-0KIE
Account Holder:
FIDELITY UNION
You Can Bank On Us
Member FDIC
Glover Incorporated
519 Main Street
Gotebo, OK 73041
Account Number:
2252790471
Statement Date:
Withdrawals and
Debits
Total
$ 9,706
July 31, 2021
Beginning Balance
July 1, 2021
$8,000
Deposits and Credits
Date
7/10
7/22
7/31
Deposits and Credits
NO.
3
Total
$5,876
Withdrawals and Debits
Ending Balance
July 31, 2021
NO.
$ 4,170
Daily Balance
Date
7/2
7/10
7/14
7/18
7/22
7/26
7/30
7/31
Desc.
Amount
$2,620
3,200
56
Date
No.
530
531
532
Amount
$ 650
1,560
2,020
460
4,400
560
56
Desc.
CHK
CHK
CHK
NSF
CHK
EFT
SF
Amount
$7,350
8,410
6,390
5,930
4,730
4,170
4,114
$4,170
DEP
DEP
INT
7/2
7/10
7/14
7/18
7/22
7/26
7/30
533
$5,876
$9,706
Required:
1. Prepare a bank reconciliation for Glover's checking account on July 31, 2021. (Amounts to be deducted should be
minus sign. Total entries to the same account together when entering in the bank reconciliation.)
GLOVER INCORPORATED
Bank Reconciliation
July 31, 2021
Bank's Cash Balance
Company's Cash Balance
Per bank statement
Per general ledger
Bank balance per reconciliation
Company balance per reconciliation
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