sed 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
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 $12,000.
| Kornett Company Bank Reconciliation December 31, 20Y8 |
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choices: Bank svc chg; Cash balance according to bank stmt; Cash balance according to company's stmt; Cash; Petty cash
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$ | |
| choices: Add error in recording check; Add deposit in transit-not recorded by bank; Deduct error in recording check; Deduct deposit in transit-not recv'd by bank; Deduct bank svc chg | ||
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choices: Add error in recording check; Add outstanding checks; Add bank svc chg; Deduct bank svc chg; Deduct outstanding checks
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| Adjusted balance | $ | |
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choices: Bank svc chg; Cash balance according to bank stmt; Cash balance according to company's stmt; Cash; Petty cash
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$ | |
| Deduct: | ||
| choices: Bank svc chgs; Cash; Deposit in transit-not recorded by bank; Outstanding checks; Petty Cash
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$ | |
| choices: Accts receivable; Deposit in transit-not recorded by bank; Error in recording check; Outstanding checks; Petty cash
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| Adjusted balance | $ |
"Analysis and adjustment of differences between the cash balance shown on a bank statement, and the amount shown in the account holder's records. This matching process involves making allowances for checks issued but not yet presented, and for checks deposited but not yet cleared or credited.
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