Exercise 7-8 (Part Level Submission) The following information pertains to Crane Company. 1 Cash balance per bank, July 31, $8,488. 2. July bank service charge not recorded by the depositor $63. 3. Cash balance per books, July 31, $8,524. 4. Deposits in transit, July 31, $3,860 5. $3,176 collected for Crane Company in July by the bank through electronic funds transfer. The collection has not been recorded by Crane Company 6. Outstanding checks, July 31, $711 Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.) CRANE COMPANY Bank Reconciliation uly 31, 2017 8488 Cash balance per bank statement Add 1 Deposits in transit 3860 12348 Less Outstanding checks 11637 Adjusted cash balance per bank 8524 Cash balance per books Add $ IT Electronic funds transfer received 3176 11700 LessTBank service charge 63 11637 Adjusted cash balance per books Your answer is partially correct. Try again. Journalize the adjusting entries at July 31 on the books of Crane Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 63 63 (To record electronic funds transfer received by bank) July 31 3176 3176 (To record bank service charge)