Question

Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019: Cash in Bank Folio Debit Date Nov. 30 Dec. 1-31 Dec. 1-31 Description Balance (overdraft) Cash receipts Cash Payments Acct. No. 101 Balance DR Credit (CR) 221,000 1,034,000 + 972,000 62,000 CR10 CDI21 813,000 December deposits made and checks issued were as follows: Deposits Date Amount Dec. 5 30,000 210,000 85,000 32,000 26,000 420,000 16,000 51,000 21,000 15,000 $813,000 Checks No. 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

All of this question needs to be completed on excel, and make sure to use the same layout.

Answer 1

62,000 Unreconciled general ledger Cash balance at Dec.31 Add: Dec. 9 Deposit in Transit Dec.31 Deposit in Transit Cheque drawn in Error 80,000 Gibson Energy Ltd. Bank Reconciliation At December 31, 2019 Unreconciled bank statement 131620 Balance at Dec.31 Add: 85,000 Note receivable collected 15,000 62,000 293,620 Less: NSF Check 83,000 OD Interest Expense 77,000 Service Charge 160,000 133,620 Reconciled Cash Balance 142,000 Less: Outstanding checks Chk. 233 Chk. 239 7,000 1,320 60 8,380 133,620 Reconciled Cash Balance

PR Debit Credit Dec. 2019 Dec. 2019 Gibson Energy Ltd. General Journal Description Cash Note receivable - XYZ Corp Interest revenue (to record cash received on note) 80,000 78,049 1,951 Dec. 2019 7,000 Accounts receivable - ABC In Cash (to record NSF Check) 7,000 Dec. 2019 1,320 Interest expense Cash (to record interest expense) 1,320 Dec. 2019 Miscellaneous expense Cash (to record service charges) 60