Shortly after July 31, Towanda Corporation received a bank statement containing the following information: December cash transactions

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Shortly after July 31, Towanda Corporation received a bank statement containing the following information:


Shortly after July 31, Towanda Corporation received a bank state


December cash transactions and balances on Towanda's records are shown in the following T-account:

Shortly after July 31, Towanda Corporation received a bank state


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 July31?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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