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On October 31, 2024, Gibson Companys general ledger shows a cash account balance of $8,412....

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Accounting

On October 31, 2024, Gibson Companys general ledger shows a cash account balance of $8,412. The companys cash receipts for the month total $74,420, of which $71,320 has been deposited in the bank. In addition, the company has written checks for $72,482, of which $71,072 has been processed by the bank. The bank statement reveals an ending balance of $12,092 and includes the following items not yet recorded by Gibson: bank service fees of $200, note receivable collected by the bank of $5,500, and interest earned on the note of $570. After closer inspection, Gibson realizes that the bank incorrectly charged the companys account $500 for an automatic withdrawal that should have been charged to another customers account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024

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