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Tower Company reported the following amounts of contributed capital in the shareholders' equity accounts as of January 1, 20X5: Indicate the journal entry required to record each of the following transactions by entering the letter code corresponding to each account to be debited and credited and the amount of each debit and credit. The transactions are independent unless otherwise stated.
National Banks
Financial institutions chartered by the federal government, subject to national banking laws and regulations.
State Banks
Financial institutions that are chartered by a state to provide banking services, distinct from those chartered by the federal government.
NOW Accounts
Negotiable Order of Withdrawal accounts; interest-earning deposit accounts from which holders can write checks.
Money Supply
The inclusive amount of economic monetary assets present at a particular instance in an economy.
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