Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 on deposit in the bank. Determine the adjusted cash balance using the following information: The adjusted cash balance should be:
A)$18,737
B)$10,337
C)$14,887
D)$13,112
E)$14,837

Question

Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 on deposit in the bank. Determine the adjusted cash balance using the following information:  The adjusted cash balance should be:
A)$18,737 
B)$10,337 
C)$14,887 
D)$13,112 
E)$14,837

Quizplus · Accepted Answer

The Answer of Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 on deposit in the bank. Determine the adjusted cash balance using the following information:  The adjusted cash balance should be:
A)$18,737 
B)$10,337 
C)$14,887 
D)$13,112 
E)$14,837

Franklin Company Deposits All Cash Receipts on the Day They