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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

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:
Balance according to the bank statement at December 31, $283,000.
Balance according to the ledger at December 31, $245,410.
Checks outstanding at December 31, $68,540.
Deposit in transit, not recorded by bank, $29,500.
Bank debit memo for service charges, $750.
A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.
Kornett Company
Bank Reconciliation
December 31,20Y5
Line Item Description Amount Amount
$fill in the blank 2
fill in the blank 4
fill in the blank 6
Adjusted balance $fill in the blank 7
$fill in the blank 9
$fill in the blank 11
fill in the blank 13
Total deductions fill in the blank 14
Adjusted balance $fill in the blank 15

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