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

Question:

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

Shortly after July 31, Morse Corporation received a bank statement

July cash transactions and balances on Morse€™s records are shown in the following T-account:

Required:
1. Prepare a bank reconciliation for July.
2. Prepare the adjusting entries made by Morse Corporation as a result of this reconciliation process.
3. What amount is reported as cash on the balance sheet at July 31?

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...