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:

Question
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:
Expand
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:

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Bank Reconciliation

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Topple Corporation leases skyscrapers in cities throughout the world to large corporations. Topple's...

A: Debt FinancingDebt financing means when a firm raises money for working capital or capital expenditu...

Q: Operating Leverage Beck Inc. and Bryant Inc. have the following operating data:   Beck Inc. Bryan...

A: Click to see the answer

Q: Prepare a statement of cash flows for 2012 for Garcia Corporation   Presented below is a condense...

A: Hi, in this problem, current liablilities amount would be same for the year 2014 and 2013. This one ...

Q: Margin of Safety a. If Canace Company, with a break-even point at $386,900 of sales, has actual sale...

A: Margin of Safety represents the value of sales over and above the break-even point.Margin of Safety ...

Q: Each of the following events describes acquiring an asset that requires a year-end adjusting entry 1...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: On August 1, Wilshire Company borrowed $150,000 from People's National Bank on a 1-year, 8% note. Re...

A: Note payable: Note payable is a form of promissory note which is provided by the lender to the borro...

Q: E5 (Pension Entries) Assume that the actuarially required pension plan contribution for a county for...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Prepare Closing Entries Merchandise Inventory 12/31/14 24,000   Common Stock     30,000   Ret...

A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings a...

Q: What is the difference between Wages Payable and Wages Expense? What statement do they appear on?  W...

A: Click to see the answer

Q: A Community health clinic's costs are shown below. What is total average cost per patient? 4,824 Pat...

A: Determine variable cost per unit.

Q: Which of the following is not subject to self-employment tax? a. Gain on the sale of real estate hel...

A: Self-employment tax: It is a tax levied on the income generated from self-employment. A tax of 12.4 ...

Q: Accounting Question

A: Per unit/per machine hour variable cost that is $7 is ascertained by dividing the difference of high...

Q: Pearl Enterprises purchased store equipment by making a $2,960 cash down payment and signing a 1-yea...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: roger owns a bicycle shop. once a week he and a group of friends rent the gym of the local club to p...

A: Roger is being unethical in his conduct for the reasons mentioned below: Roger is collecting cash fr...

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did n...

A: As per IRS it is mandatory to file 1040 form if the income earned in year 2018 is $12,000 or more fo...

Q: The following information pertains to Wildhorse Company. 1.   Cash balance per books, August 31, ...

A: Prepare a bank reconciliation statement.

Q: Bramble Corp. has a weighted-average unit contribution margin of $30 for its two products Standard a...

A: Formula to compute the net income.

Q: E7-7 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a statement of reven...

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of ...

Q: Break-Even Sales and Sales Mix for a Service Company Zero Turbulence Airline provides air transporta...

A: a.Compute the break-even number of seats sold on a single round-trip flight for the overall enterpri...

Q: Inventory prior year 12/31 1940 units at 5 current year purchases 3/21 5140 units at 7 8/1 2840 unit...

A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items ...

Q: What is the difference between operating income, net income and other comprehensive income? If a  co...

A: Operating income is computed after deducting all operating expenses like cost of goods sold, wages a...

Q: On January 1st, 2018, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organiz...

A: Net income:The net income is the profit generated in the business over particular period of time. Ne...

Q: Assume General Electric Company reports the following footnote in its 10-K report. December 31 (...

A: Calculate the difference in pre-tax income.Note: Inventory balance of company GE under FIFO for 2016...

Q: On its Form 10-K for the year ended December 31, 2015, Bank of America Corp. reported the following ...

A: Meaning of Dividend:A Dividend is the share of profit and retained earnings a company pays out to it...

Q: What part of the A=L +SE does expenses and revenues under and are they CR or DR balances? Expenses c...

A: The accounting equation shows that sum of all assets= sum of liabilities + sum of owner's /stockhold...

Q: How to prepare a classified balance sheet?               Adjusted Trial Balance     December ...

A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’ ...

Q: Federal Income Tax WithholdingBob Browning's weekly gross earnings for the present week were $2,770....

A: Calculate the amount of federal income tax with holdings:

Q: Problem 8-06A On January 1, 2022, Whispering Winds Corp. had Accounts Receivable of $52,500 and All...

A: Accounts receivable:Accounts receivable refers to the amounts to be received within a short period f...

Q: Number 1 An analysis of the accounts of Williams Company reveals the following manufacturing cost da...

A: (a)Prepare cost of goods manufactured schedule: 

Q: Depreciation for Financial Statements and Income Tax Purposes Dinkle Company purchased equipment for...

A: Under straight line method, the depreciation is computed by subtracting the residual value from the ...

Q: My text book is  Hospitality Industry Financial Accounting (4th edition). I am in chapter 12 -- CURR...

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its employ...

Q: Listed below are five procedures followed by Gilmore Company.Indicate whether each procedure is an e...

A: Internal Control System: An internal control system is a process of assuring the organizational obje...

Q: Sandhill, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 yea...

A: Last-in-First-Out: In Last-in-first-out method, the costs of last purchase items are considered as t...

Q: Operating Leverage Snellville Co. reports the following data: Sales $483,900 Variable costs 329,100 ...

A: Degree of Operating Leverage:  Degree of operating leverage is an efficiency ratio which evaluates t...

Q: Pinned below

A: a. Prepare journal entries in the books of Hip Pants.

Q: Talmart Corporation has met all production requirements for the current month and has an opportunity...

A: Generation Capacity is the volume of items or services that can be created by a business by utilizin...

Q: how would i find the contribution margins for the two pots

A: Click to see the answer

Q: On January 1, 2014 Victory Falls Company issued $2,100,000 in bonds that mature in 5 years. The bond...

A: Journal: Journal is the method of recording monetary business transactions in chronological order. I...

Q: Bonita Industries has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporti...

A: Definition of Break-Even Point:Break-Even point can be defined as a point where total costs (expense...

Q: Accrued Interest On July 1, Brimley Company issued a note with First National Bank with terms of 2 y...

A: Notes payable:Notes Payable is a written promise to pay a certain amount on a future date, with the ...

Q: The Dawson Company manufactures small lamps and desk lamps. The following shows the activities per p...

A: Calculate the activity rate.

Q: Henderson Farms reports the following results for the month of November: $600,000 Sales (10,000 unit...

A: Calculation of net income: Increase selling price:  Results of the formulas used in the Excel table ...

Q: Applying the Cost of Goods Sold Model Wilson Company sells a single product. At the beginning of the...

A: Compute cost of goods sold and ending inventory using cost of goods sold model as shown below: First...

Q: On March 1, the Garner Corporation borrowed $75,000 from the First Bank of Midlothian on a 1-year, 5...

A: Calculate interest expense:Interest expense = Notes payable * Interest rate * Time periodInterest ex...

Q: The following information relates to Pharoah Company for the year 2022. Retained earnings, Janu...

A: Calculate the amount of net income.

Q: 1-7  Please identify each type of business 1) Jean Johnson's home health care business does not have...

A: Types of BusinessThere are three main types of business organizations:Sole ProprietorshipPartnership...

Q: Break-Even Sales and Sales Mix for a Service Company Zero Turbulence Airline provides air transporta...

A: Break even sales is the dollar amount of revenue at which a business earns a profit of zero i.e. No ...

Q: Toulouse PLC produces three different products. The following table shows the inventory/stock valuat...

A: Lower of Cost or Value method is used by companies to determine the value at which inventory shall a...

Q: What type of cost is this? Total Costs Units January $100,4881,057 February $100,488880 If it is a m...

A: Mixed costs refer to the cost which is formed from the combination of fixed cost and variable cost. ...

Q: Current Attempt in Progress Sunland Company sells its product for $90 per unit. During 2019, it prod...

A: Absorption costing: Absorption costing is used to compute cost of a product. Under this method total...