Franklin Company's bank reconciliation as of August 31 is shown below. The adjusting journal entries that Franklin must record as a result of the bank reconciliation include:
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 Misc.Expense $3,900; credit Cash $3,900.
E)Debit Notes Receivable $1,725; credit Cash $1,725.

Question

Franklin Company's bank reconciliation as of August 31 is shown below.  The adjusting journal entries that Franklin must record as a result of the bank reconciliation include:
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 Misc.Expense $3,900; credit Cash $3,900. 
E)Debit Notes Receivable $1,725; credit Cash $1,725.

Quizplus · Accepted Answer

The Answer of Franklin Company's bank reconciliation as of August 31 is shown below.  The adjusting journal entries that Franklin must record as a result of the bank reconciliation include:
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 Misc.Expense $3,900; credit Cash $3,900. 
E)Debit Notes Receivable $1,725; credit Cash $1,725.

Franklin Company's Bank Reconciliation as of August 31 Is Shown