Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
are my answers correct? Before you begin, print out all the pages in this worldbook. Gibson Energy Ltd.'s general ledger account for Cash In Bank
are my answers correct?
Before you begin, print out all the pages in this worldbook. Gibson Energy Ltd.'s general ledger account for Cash In Bank showed the following at December 31, 2019: Cash In Bank Follo Debit Credit Date Nov. 30 Dec. 1-31 Dec. 1-31 Description Balance (overdraft) Cash receipts Cash Payments Acct. No. 101 Balance DR (CR) 221,000 1,034,000 62,000 813,000 CRJ10 CDJ21 972,000 December deposits made and checks issued were as follows: No. Deposits Date Amount Dec. 5 30,000 7 210,000 9 85,000 12 32,000 15 26,000 21 420,000 24 16,000 26 51,000 28 21,000 31 15,000 $813,000 Checks Amount 232 110,000 233 83,000 234 25,000 235 59,000 236 590,000 237 17,000 238 28,000 239 77,000 $972,000 The December bank statement showed: First Chartered Bank Gibson Energy Ltd. Bank Statement Month Ended December 31, 2019 Date Type Out In Dec. 3 Deposit 70,000 4 NR XYZ Corp. 80,000 S ck 232 110,000 60k. 231 70,000 6 Deposit 30,000 7 Deposit 210,000 10 ck 234 25,000 12 ck 236 590,000 13 Deposit 32,000 14 Ck. 52094 62,000 14 NSF ABC. Inc. 7,000 15 Deposit 26,000 16 Ck. 238 28,000 17 Deposit 420,000 18 Ck. 235 59,000 20 Ck. 237 17,000 24 Deposit 16,000 26 Deposit 51,000 28 Deposit 21,000 31 OD int 1,320 31SC 60 drawn in error on Gibson's bank account NR note receivable collected from XYZ Corp. Including interest of NSF not sufficient funds SC-service charge OD intoverdraft interest expense Outstanding items at November 30, 2019 were as follows: Nov. 30 deposit $70,000 Ck. 231 $70,000 Required: 1 Complete the bank reconciliation at December 31, 2019 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 2. Prepare the adjusting Journal entries required to make the Cash in Bank account in the eeneral ledger agree with the adjusted cash balance on the December 31 bank reconciliation Include descriptions 3 4 Gibson Energy Ltd. Bank Reconciliation At December 31, 2019 b Unreconciled general ledger Cash balance at Dec. 31 Add: Received NR XYZ Corp. $62,000 $131,620 Unreconciled bank statement balance at Dec. 31 Add: December 9th 85,000 December 31st 15,000 80,000 100,000 Check 52094 - drawn in error on Gibson's account $62,000 20 1 12 13 14 15 16 17 18 19 20 Less: NSF ABC. Inc. OD Interest Service Charge (7,000) (1,320) (60) Less: Check 233 Check 239 -83000 -77000 (160,000) (8,380) Adjusted general ledger Cash balance at Dec. 31 Adjusted bank balance at Dec. 31 22 $133,620 $133,620 23 25 26 Gibson Energy Ltd. GENERAL JOURNAL Dec. 2019 Description PR 31-Dec Cash Note Receivable collected from XYZ Corp. Interest Income Credit Debit 80,000 78,049 1,951 7,000 31-Dec Accounts Receivable - ABC Inc. Cash 7,000 1,380 31-Dec Bank Charges Expense Cash - Service and Interest Charge 1380 5 6 7 8 9 30 32 35 36 37 30 Copyright
are my answers correct?
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668ff9699e940_529668ff9693586e.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668ff96a6126e_529668ff969d6b8b.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668ff96b168ef_530668ff96a8c1da.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668ff96bc6cee_531668ff96b44e90.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started