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Journalize the adjusting entriea-lance company

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Reference no: EM132420495

The following information pertains to Lance Company.

Prepare bank reconciliation and adjusting entries.

  • 1. Cash balance per bank, July 31, $8,732.
  • 2. July bank service charge not recorded by the depositor $45.
  • 3. Cash balance per books, July 31, $8,768.
  • 4. Deposits in transit, July 31, $3,500.
  • 5. $2,023 collected from a customer 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, $1,486.

Instructions

a. Prepare bank reconciliation at July 31, 2022.

b. Journalize the adjusting entries at July 31 on the books of Lance Company.

Reference no: EM132420495

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