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

RAVINE INCORPORATED
Cash Account Records
July 1, 2024, to July 31, 2024
Cash Balance July 1, 2024	+	Cash Receipts				Cash Disbursements	=	Cash Balance July 31, 2024
$7,350		$8,600				$10,000		$5,950
Cash Receipts					Cash Disbursements
Date	Description		Amount		Date	Description	Memo	Amount
7/9	Sales		$2,620		7/7	EFT	Rent	$1,560
7/21	Sales		3,200		7/12	EFT	Salaries	2,020
7/31	Sales		2,780		7/19	DC	Equipment	4,100
					7/22	CHK number 531	Utilities	960
					7/30	CHK number 532	Advertising	1,360
			$8,600					$10,000

P.O. Box 123878		FIDELITY UNION					Member FDIC
Gotebo, OK 73041		You Can Bank On Us
(580) 377-OKIE
Account Holder:		Ravine Incorporated 519 Main Street Gotebo, OK 73041			Account Number:		2252790471
					Statement Date:		July 31, 2024
Beginning Balance July 1, 2024		Deposits and Credits			Withdrawals and Debits		Ending Balance July 31, 2024
		Number		Total	Number	Total
$8,000		3		$5,876	7	$ 9,706	$ 4,170
Deposits and Credits			Withdrawals and Debits				Daily Balance
Date	Amount	Description	Date	Number	Amount	Description	Date	Amount
7/10	$2,620	DEP	7/2	530	$650	CHK	7/2	$7,350
7/22	3,200	DEP	7/10		1,560	EFT	7/10	8,410
7/31	56	INT	7/14		2,020	EFT	7/14	6,390
			7/18		460	NSF	7/18	5,930
			7/22		4,400	DC	7/22	4,730
			7/26		560	EFT	7/26	4,170
			7/30		56	SF	7/30	4,114
							7/31	$4,170
	$5,876				$9,706

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 companys 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.

Required: 1. Prepare a bank reconciliation for Ravines checking account on July 31, 2024. 2. Record the necessary cash adjustments.

Prepare a bank reconciliation for Ravines 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.)

	RAVINE INCORPORATED Bank Reconciliation July 31, 2024 Banks Cash Balance Companys Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation

Journal entry worksheet

• Record the entries that increase cash.

Note: Enter debits before credits.

	Transaction General Journal Debit Credit 1

Journal entry worksheet

• Record the entries that decrease cash.

Note: Enter debits before credits.

	Transaction General Journal Debit Credit 2

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