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balance $ 14,237 Book balance $ 13,162 posit in transit tstanding checks +4,500 Bank service fees -50 -3,900 Note collected +1,725 sted bank balance $ 14,837 Adjusted book balance $ 14,837 mal entry that Clayborn must record as a result of the bank reconciliation includes:

balance $ 14,237 Book balance $ 13,162 posit in transit tstanding checks +4,500 Bank service fees -50 -3,900 Note collected +1,725 sted bank balance $ 14,837 Adjusted book balance $ 14,837 mal entry that Clayborn must record as a result of the bank reconciliation includes:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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41) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance + Deposit in transit - Outstanding checks Adjusted bank balance $ 14,237 Book balance $ 13,162 +4,500 Bank service fees -50 -3,900 Note collected +1,725 $ 14,837 Adjusted book balance $ 14,837 A journal entry that Clayborn must record as a result of the bank reconciliation includes: I 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:41) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance + Deposit in transit - Outstanding checks Adjusted bank balance $ 14,237 Book balance $ 13,162 +4,500 Bank service fees -50 -3,900 Note collected +1,725 $ 14,837 Adjusted book balance $ 14,837 A journal entry that Clayborn must record as a result of the bank reconciliation includes: I 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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