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In: Accounting

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

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

JIM 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
$7,250 $9,370 $8,950 $7,670
Cash Receipts Cash Disbursements
Date Desc. Amount Date No. Desc. Amount
7/9 Sales $ 2,610 7/7 531 Rent $ 1,400
7/21 Sales 3,340 7/12 532 Salaries 1,950
7/31 Sales 3,420 7/19 533 Equipment 3,800
7/22 534 Utilities 600
7/30 535 Advertising 1,200
$ 9,370 $ 8,950
P.O. Box 123878 RELIABLE UNION Member FDIC
Watonga, OK 73772 You Can Bank On Us
(580) 377-OKIE
Account Holder: Jim Incorporated Account Number: 2252790471
519 Main Street
Watonga, OK 73772 Statement Date: July 31, 2021
Beginning Balance Deposits and Credits Withdraws and Debits Ending Balance
July 1, 2021 No. Total No. Total July 31, 2021
$7,750 3 $6,010 7 $8,625 $5,135
Deposits and Credits Withdraws and Debits Daily Balance
Date Amount Desc. Date No. Amount Desc. Date Amount
7/10 $ 2,610 DEP 7/2 530 $ 500 CHK 7/2 $ 7,250
7/22 3,340 DEP 7/10 531 1,400 CHK 7/10 8,460
7/31 60 INT 7/14 532 1,950 CHK 7/14 6,510
7/18 300 NSF 7/18 6,210
7/22 533 4,000 CHK 7/22 5,550
7/26 400 EFT 7/26 5,150
7/30 75 SF 7/30 5,075
$ 6,010 $ 8,625 7/31 $ 5,135
Desc. DEP Customer deposit INT Interest earned SF Service fees
NOTE Note collected CHK Customer check NSF Non-sufficient 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.

Required:

1. Prepare a bank reconciliation for Jim Incorporated's checking account on July 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)

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