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Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance $14,237 Book balance $13,162 + Deposit in transit 4,500 Bank service fees

Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance $14,237 Book balance $13,162 + Deposit in transit 4,500 Bank service fees 50 Outstanding checks 3,900 Note collected 1,725 Adjusted bank balance $14,837 Adjusted book balance $14,837 The adjusting journal entries that Clayborn must record as a result of the bank reconciliation include

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