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.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.21E
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