Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
PLEASE HELP!!!!! This is part of part 3 Comprehensive Problem 3 this is part 1 & 2 Comprehensive Problem 3 Part 3: Note: You must
PLEASE HELP!!!!!
This is part of part 3 Comprehensive Problem 3
this is part 1 & 2
Comprehensive Problem 3 Part 3: Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company. Use the Miscellaneous Administrative Expense account to record bank service charges. If an amount box does not require an entry, leave it blank. Description Debit Credit Date Dec. 31 Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2015, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. 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. Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2015, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Date Description Debit Credit Jan. 3 Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Date Description Debit Credit Feb. 26 Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory. Date Description Debit Credit Apr. 14 May 13: Paid the invoice of April 14. Date Description Debit May 13 Credit May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Date Description Debit Credit May 17 June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account. Date Description Debit Credit June 2 Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date. Date Description Debit Credit Aug. 1 Aug. 24: Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Date Description Debit Credit |Aug. 24 Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment Date Description Debit Credit Sept. 15 Sept. 15: Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%. Date Description Debit Credit Sept. 15 Oct. 17: Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17. Date Description Debit Credit Oct. 17 Nov. 30: Journalized the monthly payroll for November, based on the following data: $39,266 12,735 3,184 Salaries Deductions Sales salaries $135,000 Income tax withheld Office salaries 77,250 Social security tax withheld $212,250 Medicare tax withheld Unemployment tax rates: State unemployment 5.4% Federal unemployment 0.8% Amount subject to unemployment taxes: State unemployment $5,000 Federal unemployment 5,000 Description Debit Credit Date Nov. 30 Nov. 30: Journalized the employer's payroll taxes on the payroll Date Description Debit Credit Nov. 30 Dec. 14: Journalized the payment of the September 15 note at maturity. Date Description Debit Credit Dec. 14 Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee Date Description Debit Credit Dec. 31 2 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, 2015 Adjusted balance Total deductions Adjusted balance
PLEASE HELP!!!!!
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0a66eff21_310669c0a6667ade.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0a67d7170_311669c0a6750339.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0a68b84f9_312669c0a68287bd.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0a69989e0_312669c0a6901552.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0a6a8314e_313669c0a69d95a9.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0a6b69f2e_314669c0a6ac9664.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0a6c5d3c5_315669c0a6babe2e.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0a6d3908a_316669c0a6c8e9f6.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started