Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11MC
See similar textbooks
icon
Related questions
Question

    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.
                            

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: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
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
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
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

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
  • SEE MORE QUESTIONS
Recommended textbooks for you
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
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS