Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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.
3. Cash balance per books, July 31, $ 7,364.
4. Deposits in transit, July 31, $ 2,700.
5. $ 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.

7-B) Prepare a tabular analysis for the adjustments at July 31 on the books of Lance Company. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

image text in transcribedimage text in transcribed

Prepare a tabular analysis for the adjustments at July 31 on the books of Lance Company. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Accts. Rec. Cash Rev. July 31 31 Prepare a tabular analysis for the adjustments at July 31 on the books of Lance Company. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Liabilities Stockholders' Equity Rev. Exp.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Financial Accounting Fundamentals

Authors: Author

8th Edition

126411169X, 9781264111695

More Books

Students also viewed these Accounting questions