Unemployment that occurs when worker's skills do not match the jobs that are available.

Gibson Energy Ltd.’s general ledger account for Cash in Bank showed the following at December 31, 2019:

viktelen [127]

Answer:

1. Adjusted cash balance = Adjusted bank statement balance = $133,620.

2. See the adjusting journal entries and explanation in part 2. below.

Explanation:

Note: The data in the question are merged and they are first sorted in the attached excel file before the questions are answered as follows:

1. Complete the bank reconciliation at December 31, 2019.

The bank reconciliation is presented in two ways as follows:

a) Starting with cash book balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Cash book bal. at 31 Dec. yet to be reconciled 62,000

Add:

Collected note receivable from XYZ Corp 80,000

Less:

Dishonored NSF check (7,000)

Overdraft interest expense (1,320)

Bank service charge (60)

Adjusted cash balance at Dec 31  133,620 

b) Starting with bank statement balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Bank statement bal. at Dec 31 yet to reconciled 131,620

Add:

Cash deposited on December 9th yet be credited 85,000

Cash deposited on December 31 yet be credited 15,000

Check #52094 wrongly drawn 62,000

Less:

Outstanding checks 233 (83,000)

Outstanding checks 239 (77,000)

Adjusted bank statement balance at Dec. 31  133,620 

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.

Date Accounts title & explanation DR ($) CR ($)

31 Dec 19 Cash 80,000

Note Receivable 78,049

Interest on note receivable 1,951

(To record note receivable & int. collected from XYZ)

31 Dec 19 Overdraft interest expense 1,320

Service charge 60

Cash 1,380

(To record interest expense and bank charges)

31 Dec 19 Account Receivable 7,000

Cash 7,000

(To record NSF check dishonored)

Download xlsx

3 0

3 years ago

When a corporation issues its capital stock in payment for services, the least appropriate basis for recording the transaction i

koban [17]

Answer:

par value of the shares issued.

Explanation:

In the case when the corporation issued the capital stock with regard to the service payment so the least & appropriate basis for recording the above transaction would be the par value of the shares issued as it would leads to the excess payment

Therefore according to the given situation the last option is right

8 0

3 years ago

The concert promoters of a heavy-metal band, WeR2Loud, know that there are two types of concert-goers: die-hard fans and casual

Reika [66]

Answer:

B) $125,000

Explanation:

Price discrimination strategy refers to charging each customer the maximum amount of money he/she is willing to pay for a product.

In this case, the concert promoters should charge $150 per ticket to 1,000 die hard fans = $150,000 in revenue.

Then it should charge only $50 per ticket to 500 casual fans = $25,000 in revenue.

Total revenue = $150,000 + $25,000 = $175,000

minus total costs = ($50,000)

Net income = $125,000

6 0

3 years ago

Last year a company spent $11 million on Internet advertising. If that amount increases by 17 percent this year, how much will t

never [62]

If a company spent that much on internet advertising and increased it by 17%, the new amount spent would be $12.87 million.

<h3>How much did the company spend on advertising?</h3>

The amount spent can be calculated as:

= Amount x ( 1 + increase in advertising)

Solving gives:

= 11 million x ( 1 + 17%)

= 11 x 1.17

= $12.87 million

Find out more on advertising expenses at brainly.com/question/24967768.

7 0

2 years ago

If Sue, owner of Camp Bow Wow in Boulder, Colorado, says Heidi Granahl, CEO and founder of Camp Bow Wow, is a leader who establi

sashaice [31]

Answer:

the correct answer to this question is the "Country Club Leadership Style". However, what you should remember is that you might come across different names for this such as "Laizes Faire Leadership", etc...

Explanation:

In this style of leadership, the main assumption is that wen the employee are happy, they will naturally work better for the company. However, lack of regulation and guidance may end up with a not-so-well disciplined work force and usually this style does not work with every type of employees.

Moreover, this style focuses more on creating a safe working environment with minimal conflict.

6 0

3 years ago