The cash records and bank statement for the month of July for Eagle Incorporated are shown below. Description DEP Customer deposit INT Interest earned SF Service feesNOTE Note collected CHK Customer check NSF Nonsufficient fundsEFT Electronic funds transfer DC Debit cardAdditional information:The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024.The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank.The EFT on July 26 in the bank statement relates to the purchase of office supplies. Cash BalanceJuly 1, 2024$7,150Date7/97/217/31CashReceipts+$8,450Cash ReceiptsDescriptionSalesP.O. Box 123878Gotebo, OK 73041(580) 377-OKIEAccount Holder:Date7/107/227/31SalesSalesBeginning Balance July1, 2024$7,750$5,771Amount$2,5703,1502,730$8,450Eagle Incorporated519 Main StreetGotebo, OK 73041Deposits and CreditsAmount$2,5703,15051DEPDEPINTDescriptionEAGLE INCORPORATEDCash Account RecordsJuly 1, 2024, to July 31, 2024Date7/77/127/197/227/30Cash Disbursements$9,300Deposits and CreditsNumber3Date7/27/107/147/187/227/267/30DescriptionEFTEFTDCCHK number 531CHK number 532FIDELITY UNIONYou Can Bank On UsCash DisbursementsTotal$5,771Number530MemoRentSalariesEquipmentUtilitiesAdvertisingAccount Number:Statement Date:Number7Withdrawals and DebitsWithdrawals and DebitsTotal$ 9,051Amount$6001,5101,9704104,00051051$9,051DescriptionCHKEFTEFTNSFDCEFTSFCash BalanceJuly 31, 2024$6,300Amount$1,5101,9703,6009101,310$9,3002252790471Member FDICJuly 31, 2024Ending Balance July 31,2024$4,470Date7/27/107/147/187/227/267/307/31Daily BalanceAmount$7,1508,2106,2405,8304,9804,4704,419$4,470 Required 1 Required 2Prepare a bank reconciliation for Eagle's checking account on July 31, 2024. (Amounts to be deducted should be indicatedwith a minus sign. Total entries to the same account together when entering in the bank reconciliation.)Bank's Cash BalancePer bank statementBank balance per reconciliationEAGLE INCORPORATEDBank ReconciliationJuly 31, 2024Company's Cash BalancePer general ledgerCompany balance per reconciliation< Required 1Required 2 >

A bank reconciliation statement is a summary of cash balance as per the bank and as per books that…

Answered: The cash records and bank statement for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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

Description DEP Customer deposit INT Interest earned SF Service fees
NOTE Note collected CHK Customer check NSF Nonsufficient funds
EFT Electronic funds transfer DC Debit card

Additional information:

The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024.
The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank.
The EFT on July 26 in the bank statement relates to the purchase of office supplies.

Cash Balance
July 1, 2024
$7,150
Date
7/9
7/21
7/31
Cash
Receipts
+
$8,450
Cash Receipts
Description
Sales
P.O. Box 123878
Gotebo, OK 73041
(580) 377-OKIE
Account Holder:
Date
7/10
7/22
7/31
Sales
Sales
Beginning Balance July
1, 2024
$7,750
$5,771
Amount
$2,570
3,150
2,730
$8,450
Eagle Incorporated
519 Main Street
Gotebo, OK 73041
Deposits and Credits
Amount
$2,570
3,150
51
DEP
DEP
INT
Description
EAGLE INCORPORATED
Cash Account Records
July 1, 2024, to July 31, 2024
Date
7/7
7/12
7/19
7/22
7/30
Cash Disbursements
$9,300
Deposits and Credits
Number
3
Date
7/2
7/10
7/14
7/18
7/22
7/26
7/30
Description
EFT
EFT
DC
CHK number 531
CHK number 532
FIDELITY UNION
You Can Bank On Us
Cash Disbursements
Total
$5,771
Number
530
Memo
Rent
Salaries
Equipment
Utilities
Advertising
Account Number:
Statement Date:
Number
7
Withdrawals and Debits
Withdrawals and Debits
Total
$ 9,051
Amount
$600
1,510
1,970
410
4,000
510
51
$9,051
Description
CHK
EFT
EFT
NSF
DC
EFT
SF
Cash Balance
July 31, 2024
$6,300
Amount
$1,510
1,970
3,600
910
1,310
$9,300
2252790471
Member FDIC
July 31, 2024
Ending Balance July 31,
2024
$4,470
Date
7/2
7/10
7/14
7/18
7/22
7/26
7/30
7/31
Daily Balance
Amount
$7,150
8,210
6,240
5,830
4,980
4,470
4,419
$4,470

Required 1 Required 2
Prepare a bank reconciliation for Eagle's checking account on July 31, 2024. (Amounts to be deducted should be indicated
with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)
Bank's Cash Balance
Per bank statement
Bank balance per reconciliation
EAGLE INCORPORATED
Bank Reconciliation
July 31, 2024
Company's Cash Balance
Per general ledger
Company balance per reconciliation
< Required 1
Required 2 >

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