The following information pertains to Ranchero Company. 1. Cash balance per books, August 31, $7,364. 2. Cash balance per bank, August 31, $7,328. 3. Outstanding checks, August 31, $686. 4. August bank service charge not recorded by the depositor $38. 5. Deposits in transit, August 31, $2,700. In addition, $2,016 collected for Ranchero Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Ranchero Company, Your answer is correct. Prepare a bank reconciliation at August 31, 2022. (List items that increase balance as per bank & books first.) RANCHERO COMPANY Bank Reconciliation August 31, 2022 Cash balance per bank statement Add Deposits in transit 2700 110028 Less Outstanding checks 1686 Adjusted cash balance per bank $19342 $17328 Cash balance per books $17364 Add: Collection on electronic funds transfer 2016 19380 Less Bank service charge 38 Adjusted cash balance per books $19342 Your answer is incorrect. Try again. Journalize the adjusting entries at August 31 on the books of Ranchero Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 (To record electronic funds transfer received by bank) July 31 (To record bank service charge)