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Great Falls Co.'s bank reconciliation as of February 28 is shown below. Bank balance $ 37,643 Book balance $ 38,153 + Deposit in transit 2,950
Great Falls Co.'s bank reconciliation as of February 28 is shown below. Bank balance $ 37,643 Book balance $ 38,153 + Deposit in transit 2,950 Note collection +745 - Outstanding checks -1,730 Check printing -35 Adjusted bank balance $ 38,863 Adjusted book balance $ 38,863 One of the adjusting journal entries that Great Falls must record as a result of the bank reconciliation includes: Debit Cash $2,950; credit Sales $2,950 O Debit Check Printing Expense $35; credit Cash $35 O Debit Note Receivable $745; credit Cash $745 Debit Cash $2,950; credit Accounts Receivable $2,950
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