E7-8 The following information pertains to DeVries Company. Cash balance per bank, July 31, $7,328. July bank service charge not recorded by the…

E7-8 The following information pertains to DeVries Company.1. Cash balance per bank, July 31, $7,328.2. July bank service charge not recorded by the depositor $40.3. Cash balance per books, July 31, $7,280.4. Deposits in transit, July 31, $1,700.5. Note for $1,000 collected for DeVries in July by the bank, plus interest $36 less fee $20.The collection has not been recorded by DeVries, and no interest has been accrued.6. Outstanding checks, July 31, $772.Instructions(a) Prepare a bank reconciliation at July 31, 2007.(b) Journalize the adjusting entries at July 31 on the books of DeVries Company.

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