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.$

Kornett Company

Bank Reconciliation

December $31,20Y5$

Adjusted balance

$5$ more Check My Work uses remaining.

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