Question: PLEASE COMPLETE THIS PROBLEM USING THE SAME EXACT TABLE I PROVIDED AND IN THE SAME EXACT ORDER!!! Comprehensive Problem 3 Part 2: The following is
PLEASE COMPLETE THIS PROBLEM USING THE SAME EXACT TABLE I PROVIDED AND IN THE SAME EXACT ORDER!!!
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:
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, 20Y8 | ||
|---|---|---|
| Cash balance according to bank statement | $ | |
| Add deposit in transit, not recorded by bank | ||
| Deduct outstanding checks | ||
| Adjusted balance | $ | |
| Cash balance according to bank statement | $ | |
| Deduct: | ||
| Bank service charges | $ | |
| Error in recording check | ||
| Adjusted balance | $ | |
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