Required information [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 $7,390 $8,630 $10,140 $5,880 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,630 7/7 531 Rent $ 1,570 7/21 Sales 3,210 7/12 532 Salaries 2,030 7/31 Sales 2,790 7/19 533 Equipment 4,200 7/22 534 Utilities 970 7/30 535 Advertising 1,370 $ 8,630 $ 10,140 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 $8,050 3 $5,897 7 $ 9,957 $ 3,990 Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount 7/10 $ 2,630 DEP 7/2 530 $ 660 CHK 7/2 $ 7,390 7/22 3,210 DEP 7/10 531 1,570 CHK 7/10 8,450 7/31 57 INT 7/14 532 2,030 CHK 7/14 6,420 7/18 470 NSF 7/18 5,950 7/22 533 4,600 CHK 7/22 4,560 7/26 570 EFT 7/26 3,990 7/30 57 SF 7/30 3,933 7/31 $ 3,990 $ 5,897 $ 9,957 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: 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. Check #533 is correctly processed by the bank. 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.) This is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.Next

Required information [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 $7,390 $8,630 $10,140 $5,880 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,630 7/7 531 Rent $ 1,570 7/21 Sales 3,210 7/12 532 Salaries 2,030 7/31 Sales 2,790 7/19 533 Equipment 4,200 7/22 534 Utilities 970 7/30 535 Advertising 1,370 $ 8,630 $ 10,140 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 $8,050 3 $5,897 7 $ 9,957 $ 3,990 Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount 7/10 $ 2,630 DEP 7/2 530 $ 660 CHK 7/2 $ 7,390 7/22 3,210 DEP 7/10 531 1,570 CHK 7/10 8,450 7/31 57 INT 7/14 532 2,030 CHK 7/14 6,420 7/18 470 NSF 7/18 5,950 7/22 533 4,600 CHK 7/22 4,560 7/26 570 EFT 7/26 3,990 7/30 57 SF 7/30 3,933 7/31 $ 3,990 $ 5,897 $ 9,957 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: 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. Check #533 is correctly processed by the bank. 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.) This is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.Next

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Required information

[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

July 1, 2021

Cash Receipts

−

Cash Disbursements

July 31, 2021

$7,390

$8,630

$10,140

$5,880

Cash Receipts

Cash Disbursements

Date

Desc.

Amount

Date

Check#

Desc.

Amount

7/9

Sales

2,630

7/7

531

Rent

1,570

7/21

Sales

3,210

7/12

532

Salaries

2,030

7/31

Sales

2,790

7/19

533

Equipment

4,200

7/22

534

Utilities

970

7/30

535

Advertising

1,370

8,630

10,140

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

$8,050

$5,897

$ 9,957

$ 3,990

Deposits and Credits

Withdrawals and Debits

Daily Balance

Date

Amount

Desc.

Date

No.

Amount

Desc.

Date

Amount

7/10

2,630

DEP

7/2

530

660

CHK

7/2

7,390

7/22

3,210

DEP

7/10

531

1,570

CHK

7/10

8,450

7/31

INT

7/14

532

2,030

CHK

7/14

6,420

7/18

470

NSF

7/18

5,950

7/22

533

4,600

CHK

7/22

4,560

7/26

570

EFT

7/26

3,990

7/30

3,933

7/31

3,990

5,897

9,957

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:

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

This is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.Next

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.