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Franklin Company's bank reconciliation as of August 31 is shown...

Franklin Company's bank reconciliation as of August 31 is shown below.

Bank balance $14,237 Book balance $13,162
+ Deposit in transit 4,500 Bank service fees -50
- Outstanding checks      -3,900 Note collected       1,725
Adjusted book balance    $14,837     $14,837

The adjusting journal entries that Clayborn must record as a result of the bank reconciliation include:
Debit Cash $4,500; credit Sales $4,500.
Debit Cash $1,725; credit Notes Receivable $1,725.
Debit Cash $50; credit Bank Service Fee Expense $50.
Debit Misc. Expense $3,900; credit Cash $3,900.
Debit Notes Receivable $1,725; credit Cash $1,725.

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