c-3 pt 2

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:

Balance according to the bank statement at December 31, $283,000. Balance according to the ledger at December 31, $245,410. Checks outstanding at December 31, $68,540. Deposit in transit, not recorded by bank, $29,500. Bank debit memo for service charges, $750. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.

Line Item Description	Amount	Amount
Accounts PayableBalance according to bank statementBalance according to company's recordsCashPetty cash		$fill in the blank 2
Add: Accounts PayableAdd: Bank service chargesAdd: CashAdd: Deposit in transit on December 31Add: Service charges		fill in the blank 4
Add: Accounts PayableAdd: Error in recording checkAdd: Outstanding checksDeduct: Outstanding checksDeduct: Service charges		fill in the blank 6
Adjusted balance		$fill in the blank 7
Accounts PayableBalance according to company's recordsBalance according to bank statementDeposits in transitPetty cash		$fill in the blank 9
Deduct: Accounts PayableDeduct: Bank service chargesDeduct: CashDeduct: Deposit in transit, not recorded by bankDeduct: Outstanding checks	$fill in the blank 11
Deduct: Accounts PayableDeduct: Accounts receivableDeduct: Error in recording checkDeduct: Outstanding checksDeduct: Petty cash	fill in the blank 13
Total deductions		fill in the blank 14
Adjusted balance		$fill in the blank 15

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