Exercise 7-8 The following information pertains to Lance Company. 1- Cash balance per bank, July 31, $7,328. 2. July bank service charge not recorded by the depositor $38. Cash balance per books, July 31, $7,364. 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. 6. Outstanding checks, July 31, $686. Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.) LANCE COMPANY Bank Reconciliation $ SHOW LIST OF ACCOUNTS LINK TO TEXT Journalize the adjusting entries at July 31 on the books of Lance Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit CreditExercise 7-8 The following information pertains to Lance Company. 1- Cash balance per bank, July 31, $7,328. 2. July bank service charge not recorded by the depositor $38. Cash balance per books, July 31, $7,364. 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. 6. Outstanding checks, July 31, $686. Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.) LANCE COMPANY Bank Reconciliation $ SHOW LIST OF ACCOUNTS LINK TO TEXT Journalize the adjusting entries at July 31 on the books of Lance Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit