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
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 5MC: A document that asks you to return an identifying part of it with your payment is a(n) ________. A....
Related questions
Question
![The following is a comprehensive problem which encompasses all of the elements learmed 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.
T. 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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15b86038-0c22-419f-8e25-6ea58f219bd3%2F54de0489-fc61-4953-ba4d-4421d8d56842%2Fiv1ic3v_processed.png&w=3840&q=75)
Transcribed Image Text:The following is a comprehensive problem which encompasses all of the elements learmed 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.
T. 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
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
![enensive Pro
Part 3:
Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem.
Based on the banik reconciliation prepared in (2), joumalize 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15b86038-0c22-419f-8e25-6ea58f219bd3%2F54de0489-fc61-4953-ba4d-4421d8d56842%2Fk8zwdc_processed.png&w=3840&q=75)
Transcribed Image Text:enensive Pro
Part 3:
Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem.
Based on the banik reconciliation prepared in (2), joumalize 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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Pkg Acc Infor Systems MS VISIO CD](https://www.bartleby.com/isbn_cover_images/9781133935940/9781133935940_smallCoverImage.gif)
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:
9781133935940
Author:
Ulric J. Gelinas
Publisher:
CENGAGE L
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Pkg Acc Infor Systems MS VISIO CD](https://www.bartleby.com/isbn_cover_images/9781133935940/9781133935940_smallCoverImage.gif)
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:
9781133935940
Author:
Ulric J. Gelinas
Publisher:
CENGAGE L