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. Please show work.
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. Please show work.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Required:
1.Complete the bank reconciliation at December 31, 2019.
2. Prepare the
Please show work.
Transcribed Image Text:Date
Dec. 3 Deposit
4
Type
Gibson Energy Ltd. Bank Statement
Month Ended December 31, 2019
In
NR XYZ Corp.
5
Ck. 232
6 Ck. 231
6 Deposit
7 Deposit
10 Ck. 234
12 Ck. 236
13 Deposit
14 Ck. 52094*
14 NSF ABC. Inc.
15 Deposit
16 Ck. 238
17 Deposit
18 Ck. 235
20 Ck. 237
24 Deposit
26 Deposit
28 Deposit
31 OD int
SC
Out
110,000
70,000
25,000
590,000
NSF = not sufficient funds
SC = service charge
OD int=overdraft interest expense
62,000
7,000
28,000
59,000
17,000
1,320
60
31
*drawn in error on Gibson's bank account
70,000
80,000
30,000
210,000
32,000
26,000
420,000
16,000
51,000
21,000
NR = note receivable collected from XYZ Corp. including
interest of:
Outstanding items at November 30, 2019 were as follows:
Nov. 30 deposit
Ck. 231
$70,000
$70,000
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
$1,951
Transcribed Image Text: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
Amount
December deposits made and checks issued were as follows:
30,000
210,000
85,000
32,000
26,000
420,000
16,000
51,000
21,000
Folio
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education