Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 9E: Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...
See similar textbooks
icon
Related questions
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
Transcribed Image Text: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.
Transcribed Image Text: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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
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.
Similar questions
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Quickbooks Online Accounting
Quickbooks Online Accounting
Accounting
ISBN:
9780357391693
Author:
Owen
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS