E7.8 The following information pertains to Ranchero Company. Prepare bank reconciliation and adjusting entries. 1. Cash balance per books, August 31, $7,364. 2. Cash balance per bank, August 31, $7,328. 3. Outstanding checks, August 31, $686. 4. August bank service charge not recorded by the depositor $38. 5. Deposits in transit, August 31, $2,700. In addition, $2,016 was collected for Ranchero Company in August by the bank through electronic funds transfer. The collection has not been recorded by Ranchero Company. BANK SIDE OF THINGS Balance per Bank Less: Outstanding Checks COMPANY SIDE (OUR SIDE OF THINGS) Balance per Books Bank Fee Not Subtracted Plus: Deposits in Transit TOTALS Deposit WHAT DO THE JOURNAL ENTRIES NEEDED BY THE COMPANY LOOK LIKE: