Problem 4-58A Bank Reconciliation Shortly after July 31, Morse Corporation received a bank statement containing the following information: Date Checks Deposits Balance 6/30 Beg. balance $7,958 7/1 $1,200 9,158 7/2 $620 $550 $344 12,500 20,144 7/3 35 8,100 12,009 7/5 311 97 4,000 9,100 16,701 4,500 790 286 11,125 7/9 7/12 34 7,100 3,991 7/15 634 1,880 7,000 8,477 7/19 3,780 414 4,283 7/24 1,492 649 2,142 7/29 350 677 * 4,620 5,735 7/31 575 18 * 5,142 *NSF check **Bank service charge July cash transactions and balances on Morse's records are shown in the following T-account: Cash Balance, 6/30 Check $7,609 Amount Deposited $12,500 9,100 Check Number Check Amount Date Amount Check Number 176 177 7/1 $8,100 186 $1,880 7/5 97 187 634 7/15 7,000 178 4,000 188 3,780 7/29 4,620 179 311 189 649 7/30 2,050 180 7,100 190 1,492 Total deposits $35,270 181 4,500 191 37 182 192 350 183 790 34 286 193 575 184 194 227 185 414 195 1,123 Balance, 7/31 $6,500 Total disbursements $36,379 Required: 1. Prepare a bank reconciliation for July. Morse Corporation Bank Reconciliation Schedule July 31 Cash balance from bank statement Add: Less: Outstanding checks: Adjusted cash balance Cash balance from company records Less: Adjusted cash balance 2. Prepare the adjusting entries made by Morse Corporation as a result of this reconciliation process. July 31 (Record bank service charge) July 31 (Record NSF check) 3. What amount is reported as cash on the balance sheet at July 31