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The following information pertains to Lance Company 1. Cash balance per bank, July 31, $7,263. 2 July bank service charge not recorded by the depositor $28. 3. Cash balance per books, July 31, $7,284 4. Deposits in transit, July 31, $1,300 5. The bank collected $716 in July for Lance through electronic funds transfer. The collection has not been recorded by Lance 6. Outstanding checks, July 31, $591 - Your answer is partially correct. Prepare a bank reconciliation at July 31. (List Items that increase cash balance first. Reconcile cash balance per bank first) Lance Company Bank Reconciliation July 31 Cash balance per bank statement Add Deposits in transit Outstanding checks Adjusted cash balanca per bank Collection on electronic funds transfer - Your answer is partially correct. Prepare a bank reconciliation at July 31. (List items that increase cash balance first. Reconcile cash balance per bank first.) Lance Company Bank Reconciliation July 31 Cash balance per bank statement Add o Deposits in transit C 1300 Less Outstanding check 591 | Adjusted cash balance per bank Cash balance per books Add Collection on electronic Funds transfe Bank service charge Adjusted cash balance per books - Your answer is partially correct. Journalize the adjusting entries at July 31 on the books of Lance Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit July 31 (To record the collection of accounts receivable.) July 31 Bank Charge pense | Cash (To record the bank service charge.)

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