The following information pertains to Lance Company.1. Cash balance per bank, July 31, $7,328.2. July bank service charge not recorded by the depositor $38.3. Cash balance per books, July 31, $7,364.4. Deposits in transit, July 31, $2,700.5. $2,016 collected for Lance Company in July by the bank through electronic fundstransfer. The collection has not been recorded by Lance Company.6. Outstanding checks, July 31, $686. Instructions(a) Prepare a bank reconciliation at July 31, 2017.(b) Journalize the adjusting entries at July 31 on the books of Lance Company.
The following information pertains to Lance Company.1. Cash balance per bank, July 31, $7,328.2. July bank service charge not recorded by the depositor $38.3. Cash balance per books, July 31, $7,364.4. Deposits in transit, July 31, $2,700.5. $2,016 collected for Lance Company in July by the bank through electronic fundstransfer. The collection has not been recorded by Lance Company.6. Outstanding checks, July 31, $686. Instructions(a) Prepare a bank reconciliation at July 31, 2017.(b) Journalize the adjusting entries at July 31 on the books of Lance Company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information pertains to Lance Company.
1. Cash balance per bank, July 31, $7,328.
2. July bank service charge not recorded by the depositor $38.
3. Cash balance per books, July 31, $7,364.
4. Deposits in transit, July 31, $2,700.
5. $2,016 collected for Lance Company in July by the bank through electronic funds
transfer. The collection has not been recorded by Lance Company.
6. Outstanding checks, July 31, $686.
Instructions
(a) Prepare a bank reconciliation at July 31, 2017.
(b) Journalize the
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