Exercise 7-8 (Part Level Submission) The following information pertains to Pharoah Company 1 Cash balance per bank, July 31, $8,138 2. July bank service charge not recorded by the depositor $56 3. Cash balance per books, July 31, $8,174 4. Deposits in transit, July 31, $3,510 5. $2,826 collected for Pharoah Company in July by the bank through electronic funds transfer. The collection has not been recorded by Pharoah Company 6. Outstanding checks, July 31, $704 Prepare a bank reconciliation at July 31, 2017. (List items that incr PHAROAH COMPANY Bank Reconciliation uly 31, 2017 8138 Cash balance per bank statement Add Deposits in transit 3510 11648 Less Outstanding checks (704) 10944 Adjusted cash balance per bank 8174 Cash balance per books Add , :lectronic funds transfer received 2826 11000 Less Bank service charge (56) 10944 Adjusted cash balance per books Journalize the adjusting entries at July 31 on the books of Pharoah Company. (Credit accoun Credit Date Account Titles and Explanation July 31 Debit (To record electronic funds transfer received by bank) July 31 (To record bank service charge)