In: Accounting
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:
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.)