Gibson energy ltd bank reconciliation

ACC100

Chapter 7 Assignment Requirements:

Complete the assessment

Required
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 Acct. No. 101
Balance DR (CR)
Date Description Folio Debit Credit
Nov. 30 Balance (overdraft) 221,000
Dec. 1-31 Cash receipts CRJ10 813,000 1,034,000
Dec. 1-31 Cash Payments 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
21 420,000 237 17,000
24 16,000 238 28,000
26 51,000 239 77,000
28 21,000
31 15,000
$906,000 $972,000
The December bank statement showed:
First Chartered Bank
Gibson Energy Ltd. Bank Statement
Month Ended December 31, 2019
Date Type Out In Balance
Dec. 3 Deposit 70,000 215,000
4 NR XYZ Corp. 80,000 295,000
5 Ck. 232 110,000 185,000
6 Ck. 231 70,000 115,000
6 Deposit 30,000 145,000
7 Deposit 210,000 355,000
10 Ck. 234 25,000 330,000
12 Ck. 236 590,000 (260,000)
13 Deposit 32,000 (228,000)
14 Ck. 52094* 62,000 (290,000)
14 NSF ABC. Inc. 7,000 (297,000)
15 Deposit 26,000 (271,000)
16 Ck. 238 28,000 (299,000)
17 Deposit 420,000 121,000
18 Ck. 235 59,000 62,000
20 Ck. 237 17,000 45,000
24 Deposit 16,000 61,000
26 Deposit 51,000 112,000
28 Deposit 21,000 133,000
31 OD int 1,320 131,680
31 SC 60 131,620
*drawn in error on Gibson's bank account
NR = note receivable collected from XYZ Corp. including interest of:
$1,951
NSF = not sufficient funds
SC = service charge
OD int = overdraft 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.
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.
Bank Rec.
Gibson Energy Ltd.
Bank Reconciliation
At December 31, 2019
Unreconciled general ledger Cash balance at Dec. 31 Unreconciled bank statement balance at Dec. 31
Add: Add:
Less: Less:
Adjusted general ledger Cash balance at Dec. 31 Adjusted bank balance at Dec. 31
Jnl. Entries
Gibson Energy Ltd.
GENERAL JOURNAL
Dec.
2019 Description PR Debit Credit
Copyright
Copyright © 2018 David Annand
Published by David Annand
Box 308, Rochester AB T0G 1Z0
ISBN: 978-0-9953266-6-8
Library and Archives Canada Cataloguing in Publication
Annand, David, 1954–
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