Great Falls Co.'s bank reconciliation as of February 28 is shown below. Bank balance + Deposit in transit - Outstanding checks Adjusted bank balance $ 39,243 Book balance 3,750 Note collection $ 39,623 905 2,530 Check printing 65 $ 40,463 Adjusted book balance $ 40,463 One of the journal entries that Great Falls Co. must record as a result of the bank reconciliation includes: Multiple Choice Debit Cash $3,750; credit Sales $3,750. Debit Miscellaneous Expense $65; credit Accounts Payable $65. Debit Cash $905; credit Notes Receivable $905. Debit Notes Payable $905; credit Cash $905. Multiple Choice Debit Cash $3,750; credit Sales $3,750. Debit Miscellaneous Expense $65; credit Accounts Payable $65. Debit Cash $905; credit Notes Receivable $905. Debit Notes Payable $905; credit Cash $905. Debit Cash $3,750; credit Accounts Receivable $3,750.
Great Falls Co.'s bank reconciliation as of February 28 is shown below. Bank balance + Deposit in transit - Outstanding checks Adjusted bank balance $ 39,243 Book balance 3,750 Note collection $ 39,623 905 2,530 Check printing 65 $ 40,463 Adjusted book balance $ 40,463 One of the journal entries that Great Falls Co. must record as a result of the bank reconciliation includes: Multiple Choice Debit Cash $3,750; credit Sales $3,750. Debit Miscellaneous Expense $65; credit Accounts Payable $65. Debit Cash $905; credit Notes Receivable $905. Debit Notes Payable $905; credit Cash $905. Multiple Choice Debit Cash $3,750; credit Sales $3,750. Debit Miscellaneous Expense $65; credit Accounts Payable $65. Debit Cash $905; credit Notes Receivable $905. Debit Notes Payable $905; credit Cash $905. Debit Cash $3,750; credit Accounts Receivable $3,750.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...
Question

Transcribed Image Text:Great Falls Co.'s bank reconciliation as of February 28 is shown below.
Bank balance
+ Deposit in transit
-
Outstanding checks
Adjusted bank balance
$ 39,243
Book balance
3,750
Note collection
$ 39,623
905
2,530
Check printing
65
$ 40,463
Adjusted book balance
$ 40,463
One of the journal entries that Great Falls Co. must record as a result of the bank reconciliation includes:
Multiple Choice
Debit Cash $3,750; credit Sales $3,750.
Debit Miscellaneous Expense $65; credit Accounts Payable $65.
Debit Cash $905; credit Notes Receivable $905.
Debit Notes Payable $905; credit Cash $905.

Transcribed Image Text:Multiple Choice
Debit Cash $3,750; credit Sales $3,750.
Debit Miscellaneous Expense $65; credit Accounts Payable $65.
Debit Cash $905; credit Notes Receivable $905.
Debit Notes Payable $905; credit Cash $905.
Debit Cash $3,750; credit Accounts Receivable $3,750.
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