Great Falls Company's bank reconciliation as of February 28 is shown below. Bank balance + Deposit in transit Outstanding checks Adjusted bank balance $ 38,643 3,450 2,230 Book balance Note collection Check printing $ 39,863 Adjusted book balance $ 39,053 +845 -35 $ 39,863 One of the journal entries that Great Falls Company must record as a result of the bank reconciliation includes: Multiple Choice Debit Cash $845; credit Notes Receivable $845. Debit Notes Payable $845; credit Cash $845. Debit Cash $3,450; credit Accounts Receivable $3,450. Debit Cash $3,450; credit Sales $3,450. Debit Miscellaneous Expense $35; credit Accounts Payable $35.
Great Falls Company's bank reconciliation as of February 28 is shown below. Bank balance + Deposit in transit Outstanding checks Adjusted bank balance $ 38,643 3,450 2,230 Book balance Note collection Check printing $ 39,863 Adjusted book balance $ 39,053 +845 -35 $ 39,863 One of the journal entries that Great Falls Company must record as a result of the bank reconciliation includes: Multiple Choice Debit Cash $845; credit Notes Receivable $845. Debit Notes Payable $845; credit Cash $845. Debit Cash $3,450; credit Accounts Receivable $3,450. Debit Cash $3,450; credit Sales $3,450. Debit Miscellaneous Expense $35; credit Accounts Payable $35.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Great Falls Company's bank reconciliation as of February 28 is shown below.
Bank balance
+ Deposit in transit
Outstanding checks
Adjusted bank balance
$ 38,643
3,450
2,230
Book balance
Note collection
Check printing
$ 39,863
Adjusted book balance
$ 39,053
+845
-35
$ 39,863
One of the journal entries that Great Falls Company must record as a result of the bank reconciliation includes:
Multiple Choice
Debit Cash $845; credit Notes Receivable $845.
Debit Notes Payable $845; credit Cash $845.
Debit Cash $3,450; credit Accounts Receivable $3,450.
Debit Cash $3,450; credit Sales $3,450.
Debit Miscellaneous Expense $35; credit Accounts Payable $35.
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