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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

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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, 2045 $ Adjusted balance $ $ $ Total deductions Adjusted balance $ cornelia Bank Reconciliation December 31, 2015 Balance according to bank statement Balance according to company's records $ Cash Petty cash Total deductions Adjusted balance de f. A check for $12,700 in payment of an invoice was incorrectly Korn Bank Reconciliation December 31, 2015 Add: Bank service charges M Add: Cash Add: Deposit in transit on December 31 Add: Service charges Total deductions Adjusted balance f. A check for $12,700 in payment of an invoice was incorrectly recorded in the ac Kortet Bank Reconciliation December 31, 2015 A $ Add: Error in recording check Add: Outstanding checks w Deduct: Outstanding checks Deduct: Service charges Total deductions $ Adjusted balance f. A check for $12,700 in payment of an invoice was incorrectly recorded in the acco Korey Bank Reconciliation December 31, 2015 $ Adjusted balance Balance according to company's records Balance according to bank statement Deposits in transit Petty cash f. A check for $1 Korot torhy Bank Reconciliation December 31, 2015 Deduct: Bank service charges Deduct: Cash Deduct: Deposit in transit, not recorded by bank Deduct: Outstanding checks Total deductions Adjusted balance f. A check for $12,700 in payment of an invoice was incorrectly recorded in the acc Korner Com Bank Reconciliation December 31, 2015 $ Deduct: Accounts receivable Deduct: Error in recording check Deduct: Outstanding checks Deduct: Petty cash H Total deductions M Adjusted balance

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