Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please Answer Problem B and Explain :) Thank you so much. This information pertains to Lance Company: 1. Cash balance per bank on July 31$8,732.
Please Answer Problem B and Explain :) Thank you so much.
This information pertains to Lance Company: 1. Cash balance per bank on July 31$8,732. 2. July bank service charge not recorded by Lance Co. ... $45 3. Cash balance per Lance Co.'s books on July 31$8,768. 4. Deposits in transit on July 31$3,500 5. $2,023 collected by the bank (from a customer of Lance - electronic transfer) 6. Outstanding checks on July 31$1,486 (a) Prepare a bank reconciliation. (b) Prepare the adjusting entries for Lance Co. on July 31. (Note: entries are only needed for info in the bottom half (Lance Co) so that Lance Co's "books" reflect info from the bank reconciliationStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started