The following information pertains to Lance Company. 1. Cash balance per bank, July 31, $7,328. 2. July
Question:
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.
Instructions
(a) Prepare a bank reconciliation at July 31, 2017.
(b) Journalize the adjusting entries at July 31 on the books of Lance Company.
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Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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