Based on the bank reconciliation THAT IS ATTACHED, journalize the entry or entries to be made by Kornett Company. If an amount box does not require an entry, leave it blank. DescriptionDebitCreditchoices: Accts Receivable, Cash, Cost of Merchandise Sold, Misc Expense, Petty Cash choices: Accts Payable, Accts Receivable, Cash short and over, Cost of Merchandise sold, Sales choices: Accts Payable, Bad debit expense, Cash, Cost of merchandise sold, Petty cash f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.Kornett CompanyBank ReconciliationDecember 31, 20Y8Cash balance according to bank statement283,000Add deposit in transit, not recorded by bank29,500Deduct outstanding checks68,540Adjusted balance243,960Cash balance according to company's records245,410Deduct:Bank service charges750Error in recording check700 VAdjusted balance243,960FeedbackCheck My Work

Bank reco is a statement showing difference between bank balance…

Answered: Based on the bank reconciliation THAT…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Based on the bank reconciliation THAT IS ATTACHED, journalize the entry or entries to be made by Kornett Company. If an amount box does not require an entry, leave it blank.

Description	Debit	Credit
choices: Accts Receivable, Cash, Cost of Merchandise Sold, Misc Expense, Petty Cash
choices: Accts Payable, Accts Receivable, Cash short and over, Cost of Merchandise sold, Sales
choices: Accts Payable, Bad debit expense, Cash, Cost of merchandise sold, Petty cash

f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.
Kornett Company
Bank Reconciliation
December 31, 20Y8
Cash balance according to bank statement
283,000
Add deposit in transit, not recorded by bank
29,500
Deduct outstanding checks
68,540
Adjusted balance
243,960
Cash balance according to company's records
245,410
Deduct:
Bank service charges
750
Error in recording check
700 V
Adjusted balance
243,960
Feedback
Check My Work

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