please help me solve this. Franklin Company's bank reconciliation as of August 31...
70.2K
Verified Solution
Link Copied!
Question
Accounting
please help me solve this.
Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance + Deposit in transit Outstanding checks Adjusted bank balance $14,237 4,500 3,900 $14,837 Book balance Bank service fees Note collected Adjusted book balance $13,162 - 50 1,725 $14,837 The adjusting journal entries that Clayborn must record as a result of the bank reconciliation include: Multiple Choice Debit Cash $4,500: credit Sales $4,500. Debit Cash $1.725: credit Notes Recelvable $1,725. Debit Cash $50: credit Bank Service Fee Expense $50. Debit Misc. Expense $3,900; credit Cash $3,900. Debit Notes Receivable $1725. credit Cash $1,725
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
