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 $31,20$Y$8$

$fill in the blank $2$

fill in the blank $4$

fill in the blank $6$

Adjusted balance $fill in the blank $7$

$fill in the blank $9$

Deduct:

$fill in the blank $11$

fill in the blank $13$

fill in the blank $14$

Adjusted balance