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Great Falls Company's bank reconciliation as of February 28 is shown below.

Great Falls Company's bank reconciliation as of February 28 is shown below.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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### Great Falls Company's Bank Reconciliation as of February 28 #### Reconciliation Details: - **Bank Balance**: $38,343 - **+ Deposit in Transit**: $3,300 - **- Outstanding Checks**: $2,080 - **Adjusted Bank Balance**: $39,563 - **Book Balance**: $38,818 - **+ Note Collection**: $815 - **- Check Printing**: $70 - **Adjusted Book Balance**: $39,563 #### Journal Entry Requirement: After completing the bank reconciliation, Great Falls Company needs to record the following journal entry as part of the reconciliation process: **Multiple Choice Options:** 1. **Debit Notes Payable $815; Credit Cash $815.** 2. **Debit Cash $815; Credit Notes Receivable $815.** 3. **Debit Cash $3,300; Credit Sales $3,300.** 4. **Debit Cash $3,300; Credit Accounts Receivable $3,300.** 5. **Debit Miscellaneous Expense $70; Credit Accounts Payable $70.** The correct journal entry needs to be selected based on the bank reconciliation results.
Transcribed Image Text:### Great Falls Company's Bank Reconciliation as of February 28 #### Reconciliation Details: - **Bank Balance**: $38,343 - **+ Deposit in Transit**: $3,300 - **- Outstanding Checks**: $2,080 - **Adjusted Bank Balance**: $39,563 - **Book Balance**: $38,818 - **+ Note Collection**: $815 - **- Check Printing**: $70 - **Adjusted Book Balance**: $39,563 #### Journal Entry Requirement: After completing the bank reconciliation, Great Falls Company needs to record the following journal entry as part of the reconciliation process: **Multiple Choice Options:** 1. **Debit Notes Payable $815; Credit Cash $815.** 2. **Debit Cash $815; Credit Notes Receivable $815.** 3. **Debit Cash $3,300; Credit Sales $3,300.** 4. **Debit Cash $3,300; Credit Accounts Receivable $3,300.** 5. **Debit Miscellaneous Expense $70; Credit Accounts Payable $70.** The correct journal entry needs to be selected based on the bank reconciliation results.
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