The following information pertains to Blossom Company. 1. Cash balance per bank, July 31, $8,438.
2. July bank service charge not recorded by the depositor $62.
3. Cash balance per books, July 31, $8,474.
4. Deposits in transit, July 31, $3,810.
5. $3,126 collected for Blossom Company in July by the bank through electronic funds transfer. The collection has not been recorded by Blossom Company.
6. Outstanding checks, July 31, $710.
Required:
a. Prepare a bank reconciliation on July 31, 2017.
b. Journalize the adjusting entries on July 31 on the books of Blossom Company.

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)