1. Complete the bank reconcililation at Dec. 31,20192. Prepare the adjusting journal entries required to make cas in bank account in general ledger agree with adjusted cash balance on Dec.31 bank reconciliation. Include descriptions Beforeyou begin, print out all the pages in this workbook.Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December31, 2019:Cash in BankАcct. No. 101Balance DRDescriptionBalance (overdraft)Cash receiptsCash PaymentsDateFolioDebitCredit(CR)Nov. 30221,000Dec. 1-31CRJ10813,0001,034,000Dec. 1-31CDJ21972,00062,000December deposits made and checks issued were as follows:DepositsChecksDateAmountNo.AmountDec. 530,000210,000232110,000723383,00085,00023425,0001232,00023559,0001526,000236590,00021420,00023717,0002416,00023828,0002651,00023977,0002821,0003115,000$813,000$972,000 The December bank statement showed:First Chartered BankGibson Energy Ltd. Bank StatementMonth Ended December 31, 2019DateТуреDec. 3 Deposit4 NR XYZ Corp.OutIn70,00080,000Balance215,000295,000185,000115,000145,000355,000330,000(260,000)(228,000)(290,000)(297,000)(271,000)(299,000)121,00062,00045,00061,000112,000133,000131,680131,6205 Ck. 232110,00070,0006 Ck. 2316 Deposit7 Deposit10 Ck. 23412 Ck. 23613 Deposit30,000210,00025,000590,00032,00014 Ck. 52094*62,0007,00014 NSF ABC. Inc.15 Deposit26,00016 Ck. 23828,00017 Deposit420,00018 Ck. 23559,00017,00020 Ck. 23724 Deposit26 Deposit28 Deposit16,00051,00021,00031 OD int1,32031 SC60*drawn in error on Gibson's bank accountNR = note receivable collected from XYZ Corp.%3Dincluding interest of:$1,951NSF = not sufficient fundsSC = service chargeOD int = overdraft interest expense%3DOutstanding items at November 30, 2019 were as follows:Nov. 30 deposit$70,000$70,000Ck. 231Required:1 Complete the bank reconciliation at December 31, 2019.2 Prepare the adjusting journal entries required to make the Cash in Bank account inthe general ledger agree with the adjusted cash balance on the December 31 bankreconciliation. Include descriptions.

Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…

Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019: Cash in Bank Acct. No. 101 Balance DR Date Description Balance (overdraft) Cash receipts Cash Payments Folio Debit Credit (CR) Nov. 30 221,000 Dec. 1-31 CRJ10 813,000 1,034,000 Dec. 1-31 CDJ21 972,000 62,000 December deposits made and checks issued were as follows: Deposits Checks Date Amount No. Amount Dec. 5 30,000 232 110,000 7 210,000 233 83,000 9 85,000 234 25,000 12 32,000 235 59,000 15 26,000 236 590,000 17,000 21 420,000 237 24 16,000 238 28,000 26 51,000 239 77,000 28 21,000 31 15,000 $813,000 $972,000

Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019: Cash in Bank Acct. No. 101 Balance DR Date Description Balance (overdraft) Cash receipts Cash Payments Folio Debit Credit (CR) Nov. 30 221,000 Dec. 1-31 CRJ10 813,000 1,034,000 Dec. 1-31 CDJ21 972,000 62,000 December deposits made and checks issued were as follows: Deposits Checks Date Amount No. Amount Dec. 5 30,000 232 110,000 7 210,000 233 83,000 9 85,000 234 25,000 12 32,000 235 59,000 15 26,000 236 590,000 17,000 21 420,000 237 24 16,000 238 28,000 26 51,000 239 77,000 28 21,000 31 15,000 $813,000 $972,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

1. Complete the bank reconcililation at Dec. 31,2019

2. Prepare the adjusting journal entries required to make cas in bank account in general ledger agree with adjusted cash balance on Dec.31 bank reconciliation. Include descriptions

Before
you begin, print out all the pages in this workbook.
Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December
31, 2019:
Cash in Bank
Аcct. No. 101
Balance DR
Description
Balance (overdraft)
Cash receipts
Cash Payments
Date
Folio
Debit
Credit
(CR)
Nov. 30
221,000
Dec. 1-31
CRJ10
813,000
1,034,000
Dec. 1-31
CDJ21
972,000
62,000
December deposits made and checks issued were as follows:
Deposits
Checks
Date
Amount
No.
Amount
Dec. 5
30,000
210,000
232
110,000
7
233
83,000
85,000
234
25,000
12
32,000
235
59,000
15
26,000
236
590,000
21
420,000
237
17,000
24
16,000
238
28,000
26
51,000
239
77,000
28
21,000
31
15,000
$813,000
$972,000

The December bank statement showed:
First Chartered Bank
Gibson Energy Ltd. Bank Statement
Month Ended December 31, 2019
Date
Туре
Dec. 3 Deposit
4 NR XYZ Corp.
Out
In
70,000
80,000
Balance
215,000
295,000
185,000
115,000
145,000
355,000
330,000
(260,000)
(228,000)
(290,000)
(297,000)
(271,000)
(299,000)
121,000
62,000
45,000
61,000
112,000
133,000
131,680
131,620
5 Ck. 232
110,000
70,000
6 Ck. 231
6 Deposit
7 Deposit
10 Ck. 234
12 Ck. 236
13 Deposit
30,000
210,000
25,000
590,000
32,000
14 Ck. 52094*
62,000
7,000
14 NSF ABC. Inc.
15 Deposit
26,000
16 Ck. 238
28,000
17 Deposit
420,000
18 Ck. 235
59,000
17,000
20 Ck. 237
24 Deposit
26 Deposit
28 Deposit
16,000
51,000
21,000
31 OD int
1,320
31 SC
60
*drawn in error on Gibson's bank account
NR = note receivable collected from XYZ Corp.
%3D
including interest of:
$1,951
NSF = not sufficient funds
SC = service charge
OD int = overdraft interest expense
%3D
Outstanding items at November 30, 2019 were as follows:
Nov. 30 deposit
$70,000
$70,000
Ck. 231
Required:
1 Complete the bank reconciliation at December 31, 2019.
2 Prepare the adjusting journal entries required to make the Cash in Bank account in
the general ledger agree with the adjusted cash balance on the December 31 bank
reconciliation. Include descriptions.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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