### 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.

Bank reconciliation statement shows the reconciliation of the balance of bank book and cash book of…

Answered: Great Falls Company's bank…

Business

Accounting

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

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

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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.

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