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

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

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...
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Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance $14,237 Book balance $13,162 Deposit in transit - Outstanding checks Bank service fees 4,500 -50 Note collected -3,900 1,725 $14,837 $14,837 Adjusted bank balance Adjusted book balance The adjusting journal entries that Clayborn must record as a result of the bank reconciliation include:
Transcribed Image Text:Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance $14,237 Book balance $13,162 Deposit in transit - Outstanding checks Bank service fees 4,500 -50 Note collected -3,900 1,725 $14,837 $14,837 Adjusted bank balance Adjusted book balance The adjusting journal entries that Clayborn must record as a result of the bank reconciliation include:
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