Exercise 7-8 The following information pertains to Pharoah Company 1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, $7,588 July bank service charge not recorded by the depositor $45 Cash balance per books, July 31, $7,624 Deposits in transit, July 31, $2,960 $2,276 collected for Pharoah Company in July by the bank through electronic funds transfer. The collection has not been recorded by Pharoah Company Outstanding checks, July 31, $693. Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank& books first.)