A B C D F G H I J K 1 E7-11 Prepare bank reconciliation and adjusting entries 2 The following information pertains to Lance Company. 3 1. Cash balance per bank, July 31, $7,328. 4 2. July bank service charge not recorded by the depositor $38. 5 3. Cash balance per books, July 31, $7,364. 6 4. Deposits in transit, July 31, $2,700. 7 5. $2,016 collected for Lance Company in July by the bank through electronic funds transfer. 8 The collection has not been recorded by Lance Company. 9 Outstanding checks, July 31, $686. 10 11 Instructions 12 (a) Prepare a bank reconciliation at July 31, 2017. 13 (b) 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 Value 23 Add: Deposits in transit Value 24 ? 25 Less: Outstanding checks Value 26 Adjusted cash balance per bank ? 27 28 Cash balance per books Value 29 Add: Collection of note receivable Value 30 31 Less: Bank service charge Value 32 Adjusted cash balance per books ? 33 34 35 (6) July 31 Account Value 36 Account Value 37 Account Value 38 Account Value 39 10 41 July 31 Account Value 12 Account Value 13 14 After you have completed E7-11, consider the following additonal question. 1. Assume that deposit in transit, outstanding checks and cash balance per books changed to $3,600,$886 and $8,064 respectively. Show the impact of these changes on the bank reconciliation. B 9 )