Exercise 7-8 (Part Level Submission) The following information pertains to Ivanhoe Company. 1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, $8,038. July bank service charge not recorded by the depositor $54. Cash balance per books, July 31, $8,074. Deposits in transit, July 31, $3,410. $2,726 collected for Ivanhoe Company in July by the bank through electronic funds transfer. The collection has not been recorded by Ivanhoe company Outstanding checks, July 31, $702. your answer is correct Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as IVANHOE COMPANY Bank Reconciliation July 31, 2017 Cash balance per bank statement 8038 Deposits in transit 3410 11448 - 702 Less Outstanding checks 10746 Adjusted cash balance per bank 8074 Cash balance per books 2726 Add Electronic funds transfer received 10800 ess B ank service charge 10746 Adjusted cash balance per books SHOW LIST OF ACCOUNTS SHOW ANSWER (b) Journalize the adjusting entries at July 31 on the books of Ivanhoe Company. (Credit account titles are Date Account Titles and Explanation Debit Credit July 31 (To record electronic funds transfer received by bank) July 31 (lo record bank service charge)