Question: 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 reconciliation

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