A B C D E 2 The following information pertains to Lance Company Cash balance per bank, July 31, $7,328. 31. 4 2 5 64. 7 96. 10 July bank service charge not recorded by the depositor $38. Cash balance per books, July 31, $7,364. Deposits in transit, July 31, $2,700. H $2,016 collected for Lance Company in July by the bank through electronic funds transfer. The collection has not been recorded by Lance Company. Outstanding checks, July 31, $686. 11 Instructions 12 (a) 13 (b) Prepare a bank reconciliation at July 31, 2017. Journalize the adjusting entries at July 31 on the books of Lance Company. 14 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 15 16 18 (a) LANCE COMPANY 19 Bank Reconciliation 20 July 31, 2017 21 22 Cash balance per bank statement 23 Add: Deposits in transit Value, Value 24 ? 25 26 Less: Outstanding checks Adjusted cash balance per bank Value 7 27 28 Cash balance per books Value 29 Add: Collection of note receivable Value 30 31 Less: Bank service charge 2 Value 32 Adjusted cash balance per books ? 33 34 35 (b) July 31 Account Value 36 Account Value 37 38 Account Account Value Value 39 40 41 July 31 Account Value 42 Account Value 43 E7-11 +