E7-8 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 $2,016 collected for Lance Company in July by the bank through electronic funds transfer. The collection has not been recorded by Lance Company. 9 6. 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. requesting a value; enter either a numr or a formula in cells with a"? 15 18 (a) LANCE COMPANY Bank Reconciliation July 31, 2017 20 21 Cash balance per bank statement Value Value 23 Add: Deposits in transit 24 25 26 27 28 Less: Outstanding checks Adjusted cash balance per bank Value Cash balance per books Value E7-8 E7-9 E7-14 Ready