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. Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019:DateNov. 30Dec. 1-31Dec. 1-31DescriptionBalance (overdraft)Cash receiptsCash PaymentsDateDec. 57912152124262831Cash in BankDepositsAmountDecember deposits made and checks issued were as follows:30,000210,00085,00032,00026,000420,00016,00051,00021,000Folio15,000$813,000CRJ10CDJ21Debit813,000No.Checks232233234235236237238239Credit972,000Amount110,00083,00025,00059,000590,00017,00028,00077,000$972,000Acct. No. 101Balance DR(CR)221,0001,034,00062,000 DateDec. 3 Deposit4TypeGibson Energy Ltd. Bank StatementMonth Ended December 31, 2019InNR XYZ Corp.5Ck. 2326 Ck. 2316 Deposit7 Deposit10 Ck. 23412 Ck. 23613 Deposit14 Ck. 52094*14 NSF ABC. Inc.15 Deposit16 Ck. 23817 Deposit18 Ck. 23520 Ck. 23724 Deposit26 Deposit28 Deposit31 OD intSCOut110,00070,00025,000590,000NSF = not sufficient fundsSC = service chargeOD int=overdraft interest expense62,0007,00028,00059,00017,0001,3206031*drawn in error on Gibson's bank account70,00080,00030,000210,00032,00026,000420,00016,00051,00021,000NR = note receivable collected from XYZ Corp. includinginterest of:Outstanding items at November 30, 2019 were as follows:Nov. 30 depositCk. 231$70,000$70,000Balance215,000295,000185,000115,000145,000355,000330,000(260,000)(228,000)(290,000)(297,000)(271,000)(299,000)121,00062,00045,00061,000112,000133,000131,680131,620$1,951

A bank reconciliation is a process of matching the data on a bank statement with the balances listed…

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

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

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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