Comprehensive Problem 3 Part 2: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing part 2. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000. b. Balance according to the ledger at December 31, $245,410. c. Checks outstanding at December 31, $68,540. d. Deposit in transit, not recorded by bank, $29,500. e. Bank debit memo for service charges, $750. 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, 20YS Adjusted balance Total deductions Adjusted balance

Comprehensive Problem 3 Part 2: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing part 2. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000. b. Balance according to the ledger at December 31, $245,410. c. Checks outstanding at December 31, $68,540. d. Deposit in transit, not recorded by bank, $29,500. e. Bank debit memo for service charges, $750. 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, 20YS Adjusted balance Total deductions Adjusted balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Chapter : Bank Reconciliation Statement
Learning Task 5 Directions: Using the information below, prepare a Bank Reconciliation Statement.Bank reconciliation problem:• The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2015.• On this date the balance of cash per books is P11,589.45.• Additional information are provided below: Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 Outstanding checks: No. 453-P3,000.00 No. 457-P1,401.30 No. 460-P1,502.70• Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount. However, he recorded the check as P1,262.00.• Bank memoranda: Debit– NSF check from Pedro P425.60 Debit– Charge for printing company checks P30.00 Credit – Collection of note receivable for P1,000 plus interest earned of P50, less bank collection fee of P15.00.Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor. Bank Credit Memo are additions made by the bank to the account of the deposito
need answer please
Reconciliation Items per Bank - Deposits in Transit Question; What does it mean when it says to compare individual deposits on the bank statement with: 1) the deposits in transit from the preceding bank reconciliation. AND 2) the current month's deposits recorded in the company's books. Please explain e.g's would be helpful as well.
Please help me do question 2a
Exercise 1-12 Based on the following information, prepare a bank reconciliation statement for ROSAL COMPANY as of Dec. 31, 2019, Use the bank to book format. 1. Balance per bank statement, Dec. 31, 2019, P85,938.46. 2. Balance per books, Dec. 31, 2019, PSB,489.12. 3. Outstanding checks, Dec. 31, P31,108.42. 4. Receipts of Dec. 31, 2019 deposited Jan. 5, 2015, P5,317.20. S. Service charges for Nov. per bank DM of Dec. 15, 2019, P203.85 6. Proceeds of bank loan, Dec. 15, 2019, omitted from the company's books, P9,875.00. 7, Deposit of Dec. 23, 2019 omitted from the bank statement, P2,892.41. 8. Check of Rome Products Co., returned by the bank for lack of countersignature. No entry was made on the books to record the return, P417.50. 9. Error on bank statement in entering deposit of Dec, 16, 2019: Correct amount P3,182.40 Entered as 3,181.40 10. Check no. 3917 of Camila Company charged by bank in error to Rosal Company, P2,690.00. 11. Proceeds of Natalia Company note, collected by bank on…
Following is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8): Per Bank Statement Items to be added: Items to be deducted: Per Books Select one: a. 1 and 3 b. 1 and 4 c. 2 and 4 Balance 10/31 d. 2 and 3 e. 2 and 6 November Receipts SXXXXX 3 Indicate the proper location for the following reconciling items. A 10/31 collection by bank will appear as: November Disbursements SXXXXX 1 2 XXXXX $XXXXX $XXXXX SXXXXX 5 6 Balance 11/30 SXXXXX 7 8 SXXXXX
IMPORTANT Record the entries in the order the items are listed on the bank reconciliation report. When entering numbers, please do not use commas or dollar signs. Journal Date 2023 Accounts and Explanations 0 น PR Debit Page 52 Credit
Bank reconcjliation Instructions Chart of Accounts First Question Journal Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $17,350 Balance pir company records 10,035 Bank service charges 35 Deposit in transit 3,350 Note collected by bank with $190 interest 4,600 Outstanding checks 6,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wordina of Check My Work
The folowing are extracts from the cash book and the bank statement of R. Wright. You are required to. (a) Write the cash book up to date and state the new balance as on 28 February 2020. (b) Draw up a bank reconcaliation statement as on 28 February 2020 Cash Book 2005 Feb 8 A. Kirkland 3500 Feb. 15 R. Mason Feb 28 G. Harris Feb 28 W. Mullings 330 2020 Febi Balancel 10500 350 Feb. 7 R. Clarke Feb 22 K. Hughes Feb 25 K. Wood Feb 26 A. Aiken 1230 275 220 300 750 Feb 28 C. Mills Feb 28 Bal ed 220 12395 7115 7115 12395 March I Bal bif Bank Statement 2020 Cr Balance FebI Balance bf Feb 7 R. Clarke Feb 8 A Kirkland Feb 15 R. Mason Feb 22 K. Hughes Feb 23 R. Brooks Feb 24 P. Peart Feb 28 U. Ulet Feb 28 K. Campbel 10500 10850 7350 6120 350 3500 1230 275 6395 6895 6025 7525 8325 500 870 1500 800 Updated Cash Book Date Details Felio Amount Date Detail Foho Amount Bank Reconciliation Statement aat February 28, 2020 Details
ss
Comprehensive Problem 3 Part 2: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. Yo refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing part 2. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000. b. Balance according to the ledger at December 31, $245,410. c. Checks outstanding at December 31, $68,540. d. Deposit in transit, not recorded by bank, $29,500. e. Bank debit memo for service charges, $750. 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 Adjusted balance Deduct: Adjusted balance