On October 31, 2024, Gibson Company's general ledger shows a cash account balance of $8,403. The company's cash receipts forthe month total $74,360, of which $71,305 has been deposited in the bank. In addition, the company has written checks for $72,473, ofwhich $71,018 has been processed by the bank.The bank statement reveals an ending balance of $11,873 and includes the following items not yet recorded by Gibsor: bank servicefees of $170, note receivable collected by the bank of $5,200, and interest earned on the note of $420. After closer inspection, Gibsonrealizes that the bank incorrectly charged the company's account $380 for an automatic withdrawal that should have been charged toanother customer's account. The bank agrees to the error.:0F1Required:1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024.2. Record the necessary entries to adjust the balance for cash.Complete this question by entering your answers in the tabs below.Required 1Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)2View transaction listWSJournal entry worksheetRequired 2<F2X1Record the amounts that increase cash.#23ED80F3$4aF4RFL%5F5TG< Prev^6C V BMacBook AirF64 of 5YH&7←F7UN>Next >* 008JDIIFB-M(9KF9O)0LF10P<

Bank Reconciliation -The process of comparing the balances of an entity's bank accounts in its…

October 31, 2024, Gibson Company's general ledger shows a cash account balance of $8,403. The company's cash rece month total $74,360, of which $71,305 has been deposited in the bank. In addition, the company has written checks for S ich $71,018 has been processed by the bank. e bank statement reveals an ending balance of $11,873 and includes the following items not yet recorded by Gibsor: bank es of $170, note receivable collected by the bank of $5,200, and interest earned on the note of $420. After closer inspection calizes that the bank incorrectly charged the company's account $380 for an automatic withdrawal that should have been ch mother customer's account. The bank agrees to the error. Required: . Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complet thin answe in the tabe below

October 31, 2024, Gibson Company's general ledger shows a cash account balance of $8,403. The company's cash rece month total $74,360, of which $71,305 has been deposited in the bank. In addition, the company has written checks for S ich $71,018 has been processed by the bank. e bank statement reveals an ending balance of $11,873 and includes the following items not yet recorded by Gibsor: bank es of $170, note receivable collected by the bank of $5,200, and interest earned on the note of $420. After closer inspection calizes that the bank incorrectly charged the company's account $380 for an automatic withdrawal that should have been ch mother customer's account. The bank agrees to the error. Required: . Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complet thin answe in the tabe below

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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Nn.185. Subject :- ACCOUTN
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