accounting E7.11

E7.11 (LO 3), AP The following information pertains to Lance Company. Prepare bank reco 1. Cash balance per bank, July 31,$8,732. ing entries. 2. July bank service charge not recorded by the depositor $45. 3. Cash balance per books, July 31,$8,768. 4. Deposits in transit, July 31,$3,500. 5. $2,023 collected from a customer for Lance Company in July by the bank through electronic funds transfer. The collection has not been rerarded by Lance Company. 6. Outstanding checks, July 31,51,436 Instructions a. Prepare a bank reconciliation at July 31,2025. b. Journalize the adjusting entries at July 31 on the books of Lance Company