Hello, I need help with the following question(s): Exam3 xC Chegg Study Guided S

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Hello, I need help with the following question(s):

Exam3 xC Chegg Study Guided Sol X ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html Exam 3 Saved Help Save & Exit Submit MC Qu. 138 Franklin Company deposits... 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 $15,662 Franklin's August bank statement shows $16,237 on deposit in the bank Determine the adjusted cash balance using the following information pcinis 01.5652Deposit in transit $5,250 $4,400 Outstanding checks Bank service fees, not yet recorded by company The bank collected on a note receivable, not yet recorded by the company $1,500 The adjusted cash balance should be Multiple Choice $21.487 Mc Graw Prex 1of 231 7:59 PM O Type here to search )/2018

Explanation / Answer

1) Adjusted cash balance = Unadjusted cash balance-Bank service fees+amount collected by notes

= 15662-75+1500

Adjusted cash balance = 17087

So answer is e) $17087

2) Adjusted cash balance = Unadjusted cash balance-Bank service fees+NSF Check

= 23025-85-1140

Adjusted cash balance = 21800

So answer is a) $21800

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