Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a b d e f g . 1 j k l m n 0...

A B D E F G . 1 J K L M N 0...

50.1K

Verified Solution

Question

Accounting

image

A B D E F G . 1 J K L M N 0 Q R s 1 The following information pertains to Lance Company's cash account for July 2020. 2 3 1) Cash balance per bank, July 31, $8,732. 4 2) July bank service charge not recorded by the depositor $45. 5 3) Cash balance per books, July 31, $8,786. 6 4) Deposits in transit, July 31, $3,500. 7 5) $2,023 collected from a customer for Lance Company in July by the bank through electronic funds transfer. The collection 8 has not been recorded by Lance Company. 96) Outstanding checks, July 31, $1,486. 10 7) The company issued check No. 889 for $386 to Staples, on account. The check, which cleared the bank in July, was incorrectly 11 journalized and posted by Lance for $368. 12 13 Required: 14 a) Prepare a bank reconciliation at July 31, 2020. 15 b) Journalize the adjusting entries at July 31 on the books of Lance Company. 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

PLEASE SHOW WORK IN EXCEL THANK YOU! Green-Log Manufacturing Capital Budgeting Analysis In 1997 Michelle Green started Green-Log...

Biology
1.2K views

What term is most commonly used to refer to discrimination against and hatred of Jews...

Physics
1.2K views

After the switch shown in figure A is closed there is current i through resistance...

Basic Math
1.2K views

expressed as a single power is O O O 5 LO x3 3x5 3 X...

Statistics
1.2K views

What is the next fraction in this sequence Simplify your answe 14 15 13 4...

Accounting
1.2K views

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were...

Accounting
1.2K views

For the year ended December 31, 2023, Don Raff earned \$1,000 interest at...

Accounting
1.2K views

Andersen Electronics manufactures motherboards for personal computers. The boards sell for $100. Variable cost per...

Accounting
1.2K views

NEED HELP WITH QUESTION Morrow Incorporated uses the percentage...

Accounting
1.2K views

Nile Company has the following information on its accounting records: gross profits $175,000; interest expense...

Accounting
1.2K views

If a financial institutions assets and liabilities have the same market value, but the duration...

Finance
1.2K views

Chapter 13 HW - C n ewconnect.mheducation.com/flow/connect.html?returnUrl=https%3A%2F%2Fconnect.meducation.com%2Fpaamweb2Findex.html%23%2Fregistration%2Fsignup%2Fn-thrydeh-fr Apps Polar Equations Jobs in United Nati. Reside...