Shortly after July 31 Towanda Corporation received a bank statement
Shortly after July 31, Towanda Corporation received a bank statement containing the following information:
July cash transactions and balances on Towanda’s records are shown in the following T-account:
Required:
1. Prepare a bank reconciliation for July.
2. Prepare the adjusting entries made by Towanda Corporation as a result of this reconciliation process.
3. What amount is reported as cash on the balance sheet at July 31?
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