The following is a comprehensive problem which encompasses all of the elements leamed 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 recondliation 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 bark, $29,500. e Bank debit memo for service charges, $750. L.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, 20YB 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 Adjusted balance 243,960

The following is a comprehensive problem which encompasses all of the elements leamed 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 recondliation 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 bark, $29,500. e Bank debit memo for service charges, $750. L.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, 20YB 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 Adjusted balance 243,960

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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Please help.me to do part a and b. Thank you for your help
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