Falls Company's bank reconciliation as of February 28 is shown below. One of the journal entries that Great Falls Company must record as a result of the bank reconciliation includes:

Question

Falls Company's bank reconciliation as of February 28 is shown below.  One of the journal entries that Great Falls Company must record as a result of the bank reconciliation includes:

Answer

Debit Cash $805; credit Notes Receivable $805.

Answer

Debit Miscellaneous Expense $65; credit Accounts Payable $65.

Answer

Debit Notes Payable $805; credit Cash $805.

Answer

Debit Cash $3,250; credit Accounts Receivable $3,250.

Answer

Debit Cash $3,250; credit Sales $3,250.

Bank balance	$ 38,243	Book balance	$ 38,723
+ Deposit in transit	3,250	Note collection	+805
- Outstanding checks	− 2,030	Check printing	−65
Adjusted bank balance	$ 39,463	Adjusted book balance	$ 39,463

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

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