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117) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance $ 13,162 + Deposit in transit $ 14,237 +4,500 -3,900 -50 +1,725 Outstanding checks Adjusted bank balance $ 14,837 Adjusted book balance $ 14,837 Book balance Bank service fees Note collected - A journal entry that Clayborn must record as a result of the bank reconciliation includes:

117) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance $ 13,162 + Deposit in transit $ 14,237 +4,500 -3,900 -50 +1,725 Outstanding checks Adjusted bank balance $ 14,837 Adjusted book balance $ 14,837 Book balance Bank service fees Note collected - A journal entry that Clayborn must record as a result of the bank reconciliation includes:

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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117) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance + Deposit in transit Outstanding checks Adjusted bank balance $ 13,162 $ 14,237 +4,500 -3,900 Note collected -50 +1,725 $ 14,837 Adjusted book balance $ 14,837 Book balance Bank service fees A journal entry that Clayborn must record as a result of the bank reconciliation includes: A) Debit Cash $4,500; credit Sales $4,500. B) Debit Cash $1,725; credit Notes Receivable $1,725. C) Debit Cash $50; credit Bank Service Fee Expense $50. D) Debit Miscellaneous Expense $3,900; credit Cash $3,900. E) Debit Notes Receivable $1,725; credit Cash $1,725.
Transcribed Image Text:117) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance + Deposit in transit Outstanding checks Adjusted bank balance $ 13,162 $ 14,237 +4,500 -3,900 Note collected -50 +1,725 $ 14,837 Adjusted book balance $ 14,837 Book balance Bank service fees A journal entry that Clayborn must record as a result of the bank reconciliation includes: A) Debit Cash $4,500; credit Sales $4,500. B) Debit Cash $1,725; credit Notes Receivable $1,725. C) Debit Cash $50; credit Bank Service Fee Expense $50. D) Debit Miscellaneous Expense $3,900; credit Cash $3,900. E) Debit Notes Receivable $1,725; credit Cash $1,725.
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