| 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. |
Nikkico
Ch7StudentAssignCh7BankreconciliatonUSEditionUPDATED3-9-2020.xlsx
