E5-e E6-14 Tha tolowing infermation pertsins to Lance Company. Cash balance per

Question

E5-e E6-14 Tha tolowing infermation pertsins to Lance Company. Cash balance per bank, July 31, $7 328 July bank service charge not recorded by the deposilor $38 Deposits in transit, July 31, $2,700 The collaction has not been recorded by Lance Compsmy Cash balance per books, July 31, $7.364, 5. $2,016 collected for Lance Company in July by the bank through electronie funds transler 6 Outstanding checks, July 31, $888 Instructions (s) Prepare a bank reconcliation at July 31, 2017 (b) Prepare a tabular analysis for the ndjustments st July 31 an the books of Lance Company Use the tolowing column headings: Cash. Accounts Recelvable, Revenuers, and Expenees. Inckude margn explanations for the changes in revenuas and axpenses Enter a number in cells requestinga value; enter either a number or a formula in cells with a "7 LANCE COMPANY Bank Reoonailiation July 31, 2017 Cash balance per bank statement Add: Deposits in transit 2 3 4 6

Explanation / Answer

Bank Reconciliation Cash balance per bank statement 7,328 Add:deposits in transit 2,700 10,028 less:outstanding checks 686 Adjusted cash balance per bank 9,342 cash balance per books 7,364 Add:collection of note receivable 2,016 9,380 less:Bank service charges 38 Adjusted cash balance per books 9,342 b) Assets liabilities + S.E. Cash + A/R = +revenue - expenses Account 31-Jul 2016 + 2016 note receivable 31-Jul -38 -38 bank service/ miscellaneous exp

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