2 Prepare a bank reconciliation for December 20Y5 Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries Enter all amounts as positive numbers Kornett Company Bank Reconciliation December 31, 20Y5 1 Balance according to bank statement 2 Adjustments 3 4 5 6 Balance according to companys records 7 Adjustments 8 9 10 X Balance Sheet 5 Based on the following information and the post closing trial balance on the Instructions panel, prepare a balance sheet in report form at December 31, 20Y5 Be sure to complete the heading of the balance sheet Enter assets in the order in which they appear in the post closing trial balance Refer to information given in the problem and the Labels and Amount Descriptions list for exact wording of text entries There is no need to include (current portion) or a due date with any account titles For those boxes in which you must enter subtracted or negative numbers use a minus sign Round your answers to the nearest dollar Kornett Company Balance Sheet 1 Assets 2 CHART OF ACCOUNTS Kornett Company General Ledger ASSETS 110 Petty Cash 111 Cash 112 Notes Receivable 113 Accounts Receivable 114 Allowance for Doubtful Accounts 115 Inventory 121 Interest Receivable 122 Prepaid Insurance 123 Office Supplies 130 Land 131 Buildings 132 Accumulated Depreciation Buildings 133 Office Equipment 134 Accumulated Depreciation Office Equipment 135 Store Equipment 136 Accumulated Depreciation Store Equipment 137 Mineral Rights 138 Accumulated Depletion 141 Patents LIABILITIES 211 Social Security Tax Payable 212 Medicare Tax Payable 213 Employees Income Tax Payable 214 State Unemployment Tax Payable 215 Federal Unemployment Tax Payable 216 Salaries Payable 221 Accounts Payable 222 Interest Payable 223 Product Warranty Payable 231 Vacation Pay Payable 232 Unfunded Pension Liability 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue 611 Gain on Sale of Office Equipment EXPENSES 510 Cost of Goods Sold 521 Repairs Expense 522 Rent Expense 523 Insurance Expense 524 Bad Debt Expense 525 Office Supplies Expense 529 Cash Short and Over 551 Sales Salaries Expense 552 Office Salaries Expense 553 Payroll Tax Expense 554 Vacation Pay Expense 555 Pension Expense 561 Product Warranty Expense 571 Depreciation Expense Buildings 572 Depreciation Expense Office Equipment 573 Depreciation Expense Store Equipment 574 Depletion Expense 575 Amortization Expense Patents 581 Miscellaneous Selling Expense 582 Miscellaneous Administrative Expense 710 Interest Expense 711 Loss on Sale of Office Equipment

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2. Prepare a bank reconciliation for December 20Y5. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices

2. Prepare a bank reconciliation for December 20Y5. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers.

Kornett Company

Bank Reconciliation

December 31, 20Y5

1	Balance according to bank statement
2	Adjustments:
3
4
5
6	Balance according to companys records
7	Adjustments:
8
9
10

Balance Sheet

5. Based on the following information and the post-closing trial balance on the Instructions panel, prepare a balance sheet in report form at December 31, 20Y5. Be sure to complete the heading of the balance sheet. Enter assets in the order in which they appear in the post-closing trial balance. Refer to information given in the problem and the Labels and Amount Descriptions list for exact wording of text entries. There is no need to include (current portion) or a due date with any account titles. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Round your answers to the nearest dollar

Kornett Company

Balance Sheet

1	Assets
2

CHART OF ACCOUNTS

Kornett Company

General Ledger

	ASSETS
110	Petty Cash
111	Cash
112	Notes Receivable
113	Accounts Receivable
114	Allowance for Doubtful Accounts
115	Inventory
121	Interest Receivable
122	Prepaid Insurance
123	Office Supplies
130	Land
131	Buildings
132	Accumulated Depreciation-Buildings
133	Office Equipment
134	Accumulated Depreciation-Office Equipment
135	Store Equipment
136	Accumulated Depreciation-Store Equipment
137	Mineral Rights
138	Accumulated Depletion
141	Patents

	LIABILITIES
211	Social Security Tax Payable
212	Medicare Tax Payable
213	Employees Income Tax Payable
214	State Unemployment Tax Payable
215	Federal Unemployment Tax Payable
216	Salaries Payable
221	Accounts Payable
222	Interest Payable
223	Product Warranty Payable
231	Vacation Pay Payable
232	Unfunded Pension Liability
241	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue
611	Gain on Sale of Office Equipment

	EXPENSES
510	Cost of Goods Sold
521	Repairs Expense
522	Rent Expense
523	Insurance Expense
524	Bad Debt Expense
525	Office Supplies Expense
529	Cash Short and Over
551	Sales Salaries Expense
552	Office Salaries Expense
553	Payroll Tax Expense
554	Vacation Pay Expense
555	Pension Expense
561	Product Warranty Expense
571	Depreciation Expense-Buildings
572	Depreciation Expense-Office Equipment
573	Depreciation Expense-Store Equipment
574	Depletion Expense
575	Amortization Expense-Patents
581	Miscellaneous Selling Expense
582	Miscellaneous Administrative Expense
710	Interest Expense
711	Loss on Sale of Office Equipment