October 31, 2024, Gibson Company's general ledger shows a cash account balance of $8,403. The company's cash rece month total $74,360, of which $71,305 has been deposited in the bank. In addition, the company has written checks for S ich $71,018 has been processed by the bank. e bank statement reveals an ending balance of $11,873 and includes the following items not yet recorded by Gibsor: bank es of $170, note receivable collected by the bank of $5,200, and interest earned on the note of $420. After closer inspection calizes that the bank incorrectly charged the company's account $380 for an automatic withdrawal that should have been ch mother customer's account. The bank agrees to the error. Required: . Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complet thin answe in the tabe below
October 31, 2024, Gibson Company's general ledger shows a cash account balance of $8,403. The company's cash rece month total $74,360, of which $71,305 has been deposited in the bank. In addition, the company has written checks for S ich $71,018 has been processed by the bank. e bank statement reveals an ending balance of $11,873 and includes the following items not yet recorded by Gibsor: bank es of $170, note receivable collected by the bank of $5,200, and interest earned on the note of $420. After closer inspection calizes that the bank incorrectly charged the company's account $380 for an automatic withdrawal that should have been ch mother customer's account. The bank agrees to the error. Required: . Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. Complet thin answe in the tabe below
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5PA
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