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 $$18,662.$ Franklin's August bank statement shows a $$18,637$ balance in the bank. Determine the adjusted cash balance using the following information:

Deposit in transit

Outstanding checks

Bank service fees, not yet recorded by company

$$6,150$

The bank collected on a note receivable, not yet recorded by the company

$$5,000$

$$105$

$$1,230$

The adjusted cash balance should be:

Multiple Choice

$$19,787$

$$18,557$