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