Business, 14.02.2020 03:25 jackrider6563

The following information pertains to Lance Company.
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.
The following information pertains to Lance Compan

The following information pertains to Lance Compan
1- Prepare a bank reconciliation at July 31, 2017
2- Journalize the adjusting entries at July 31 on the books of Lance Company

Answers: 3

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Answer from: datgamer13

Explanation:

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.

The following information pertains to Lance Compan

1- Prepare a bank reconciliation at July 31, 2017

ADJUSTMENT OF CASH BOOK

Balance as per cash book7,364

Receipt by funds transfer2,016

Bank Charges(38)

Adjusted Cashbook Balance 9,342

BANK RECONCILIATION STATEMENT

Balance as per Adjusted Cashbook...9,342

Add: Unpresented Checks686

Less: Uncredited Deposits(2,700)

Balance as per bank statement7,328

2- Journalize the adjusting entries at July 31 on the books of Lance Company

Dr. Cash2,016

Cr. Bank2,016

Being Cash Receipt by funds transfer not captured in Cash book

Dr. Bank Charges38

Cr. Cash38

Being Bank Charges for the month of July.

Answer from: Quest

answer; i believe its (d) intrinsic;

Answer from: Quest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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The following information pertains to Lance Company.
1. Cash balance per bank, July 31, $7,328...

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