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Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance Deposit in transit - Outstanding checks Adjusted bank balance $14,237 4,500 -

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Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance Deposit in transit - Outstanding checks Adjusted bank balance $14,237 4,500 - 3,980 $14,837 Book balance Bank service fees Note collected Adjusted book balance $13,162 -50 1,725 $14,837 The adjusting journal entries that Claybom must record as a result of the bank reconciliation include

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