(Solution) - Shortly after July 31 Towanda Corporation received a bank statement -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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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?