Great Falls Co.'s bank reconciliation as of February 28 is shown below. The adjusting journal entries that Great Falls must record as a result of the bank reconciliation include:
A)Debit Note Payable $745; credit Cash $745.
B)Debit Cash $745; credit Note Receivable $745.
C)Debit Cash $2,950; credit Sales $2,950.
D)Debit Cash $2,950; credit Accounts Receivable $2,950.
E)Debit Miscellaneous Expense $35; credit Accounts Payable $35.

Question

Great Falls Co.'s bank reconciliation as of February 28 is shown below.  The adjusting journal entries that Great Falls must record as a result of the bank reconciliation include:
A)Debit Note Payable $745; credit Cash $745. 
B)Debit Cash $745; credit Note Receivable $745. 
C)Debit Cash $2,950; credit Sales $2,950. 
D)Debit Cash $2,950; credit Accounts Receivable $2,950. 
E)Debit Miscellaneous Expense $35; credit Accounts Payable $35.

Quizplus · Accepted Answer

The Answer of Great Falls Co.'s bank reconciliation as of February 28 is shown below.  The adjusting journal entries that Great Falls must record as a result of the bank reconciliation include:
A)Debit Note Payable $745; credit Cash $745. 
B)Debit Cash $745; credit Note Receivable $745. 
C)Debit Cash $2,950; credit Sales $2,950. 
D)Debit Cash $2,950; credit Accounts Receivable $2,950. 
E)Debit Miscellaneous Expense $35; credit Accounts Payable $35.